Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The following disclosure is provided pursuant to subsection (e) of Item 5.02 of Form 8-K.
On
• a gross lump sum payment equal to six (6) months ofMr. McNally's base salary rate in effect as of the Separation Date, payable within ten (10) business days of the Effective Date; • an amount equal to: (x)Mr. McNally's target bonus percentage under the Company's 2019 Bonus Plan (i.e., 50% ofMr. McNally's base salary as of the Separation Date), multiplied by (y) the percentage achievement of the Company-level performance targets under the Company's 2019 Bonus Plan as approved by the Company's Board of Directors (and without modification upward or downward based on individual performance), payable on the date the Company pays bonus awards to Company employees in accordance with the 2019 Bonus Plan; • an aggregate of 35,702 restricted sock units held byMr. McNally as of the Separation Date will vest and be issued toMr. McNally within ten (10) business days of the Effective Date; and • ifMr. McNally elects to continue and remains eligible for COBRA benefits pursuant the Company's Executive Severance Plan, the Company will pay for COBRA coverage for a period of six (6) months.
Pursuant to the terms of the Separation Agreement,
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