Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
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of 150% of his base salary have not changed since his appointment as interim Chief Executive Officer in 2022, however his 2023 annual long term incentive equity grant will be increased from$1,500,000 to$2,250,000 , which shall consist of 50% time-based restricted stock units ("RSUs") and 50% performance-based RSUs and will be granted onMarch 27, 2023 .Mr. Iacobucci's duties related to the on-boarding of the Company's new Chief Executive Officer,David E. Flitman , will soon conclude and he will transition to a permanent role as part ofMr. Flitman's leadership team, but his new title has not yet been determined.
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his annual incentive target amount remains consistent with 2022 at 100% of his base salary, and his 2023 annual long term incentive equity grant will be increased from$1,000,000 to$2,000,000 , which shall consist of 50% time-based RSUs and 50% performance-based RSUs and will be granted onMarch 27, 2023 .
· In addition, each of
retention equity grant onMarch 27, 2023 consisting of time-based RSUs with a grant date value of$2,000,000 that will vest ratably on an annual basis over a three-year period commencing with the first anniversary of the grant date, and shall fully vest upon termination in the event that either recipient is terminated without cause (as such term defined in each such recipient's Executive Severance Agreement) prior to the final vesting date of the three-year period.
These compensation decisions by the CHCC were implemented to align to market practices and for retention purposes.
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