Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Pursuant to the terms of Avid Technology, Inc.'s (the "Company") Corporate
Governance Guidelines (the "Guidelines"), in the event that a director's outside
employer changes during his or her term as a member of the Company's Board of
Directors (the "Board"), such director shall promptly tender his or her
resignation to the Board contingent upon the Board's acceptance, which the Board
may accept or reject in its sole discretion. On December 15, 2019, John Wallace,
a director of the Company, retired as Chief Executive Officer of Deluxe
Entertainment and, in accordance with the Guidelines, tendered his resignation
to the Board. On December 17, 2019, after consideration of his qualifications
and prior service to the Board and the Company, the Board rejected Mr. Wallace's
resignation and Mr. Wallace agreed to continue to serve in his capacity as a
Class III director of the Company.
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