Item 5.02. Departure of Directors of Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Option Grants
On
·Amy Trombly , Chief Executive Officer: 27,777 options; ·Jerry Dvonch , Chief Financial Officer: 27,777 options; and ·Bruce Thornton , Chief Operations Officer: 27,777 options.
Addendum to Employment Agreement with our Chief Executive Officer
On
The addendum adds termination provisions for cause and change of control similar
to other Company agreements. In the event
· a lump sum severance payment equal to six months her base salary for
termination without cause or one time her base salary for termination upon
change of control;
· automatic vesting of all unvested time-based options and equity awards;
· vesting of performance-based equity compensation awards in accordance with the
terms of the awards, if the performance goals are satisfied, such determination to be in the sole discretion of the Compensation Committee or the Board, as the case may be; and
· reimbursement for health care premiums under COBRA until the earliest of: (i)
one year following the date of termination; (ii) the date she is no longer
eligible to receive COBRA continuation coverage; or (iii) until she becomes
eligible for medical insurance coverage provided by another employer.
In case of termination without cause,
In addition,
2
Upon termination for any reason any outstanding equity awards shall remain exercisable for 18 months.
The foregoing description of the addendum to the employment agreement is not complete and are qualified in its entirety by reference to the full text of the employment agreement, a copy of which is filed herewith as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
This report contains forward-looking statements. Forward-looking statements
include, but are not limited to, statements that express our intentions,
beliefs, expectations, strategies, predictions or any other statements related
to our future activities or future events or conditions. These statements are
based on current expectations, estimates and projections about our business
based, in part, on assumptions made by management. These statements are not
guarantees of future performances and involve risks, uncertainties and
assumptions that are difficult to predict. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted in the
forward-looking statements due to numerous factors, including those risks
discussed in our Annual Report on Form 10-K and in other documents that we file
from time to time with the
Item 9.01 Financial Statements and Exhibits. Exhibit No. Description 10.1 Addendum to Employment Agreement withAmy Trombly , datedJanuary 4, 2020 .
© Edgar Online, source