Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
As previously disclosed,
The Separation Agreement sets forth the terms of
• an amount equal to$150,000 payable in biweekly installments for six consecutive months from the Separation Date; • his earned and unpaid 2022 performance bonus, which shall be paid toMr. Chouinard at the time such executive bonuses for 2022 performance are payable to other executives of the Company; • an amount equal to$25,678.08 for 178 hours of accrued and unpaid paid time off; and • accelerated vesting of 11,580 stock options and 3,975 restricted stock units, which reflects the extent that such stock options and restricted stock units would have vested ifMr. Chouinard remained employed with the Company throughMarch 31, 2023 .
The foregoing payments are subject to
In addition, on
The foregoing description of the Separation Agreement is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which is filed herewith as Exhibit 10.1 and is incorporated by reference herein.
Item 9.01 Financial Statement and Exhibits.
10.1 Employment Separation and General Release Agreement, datedSeptember 30, 2022 , by and betweenBrett Chouinard and the Company. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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