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Q2 HOLDINGS, INC. : Change in Directors or Principal Officers (form 8-K)

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07/19/2019 | 04:21pm EDT

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On July 15, 2019, Q2 Software, Inc., a subsidiary of Q2 Holdings, Inc. (the
"Company"), and Odus E. Wittenburg, Jr. entered into an Amended and Restated
Employment Agreement (the "Amended Employment Agreement"), which amends and
restates in its entirety the employment agreement between Q2 Software, Inc. and
Mr. Wittenburg dated August 22, 2016, as amended. The Amended Employment
Agreement has no specific term and constitutes at-will employment. The
Employment Agreement sets Mr. Wittenburg's base salary at $443,000 per year and
his target annual cash incentive bonus at $382,000 per year, which are unchanged
from his 2018 base salary and target bonus, as previously disclosed in the
Company's definitive Proxy Statement on Schedule 14A filed with the Securities
and Exchange Commission on April 30, 2019. The Amended Employment Agreement
provides that in the event that Mr. Wittenburg's employment is terminated
without "cause" (as such term is defined in the Amended Employment Agreement),
he will be entitled to receive an amount equal to 50% of his then-current annual
base salary in equal installments over a six-month period. The payment of this
severance amount is subject to Mr. Wittenburg (i) executing a general release
and waiver of claims against the Company and (ii) undertaking to continue to
protect the Company's confidential and proprietary information.
The foregoing description of the Amended Employment Agreement does not purport
to be complete and is qualified in its entirety by the text of the Amended
Employment Agreement which is filed as Exhibit 10.1 hereto and incorporated
herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
  Exhibit No.                                Description
                   Amended and Restated Employment Agreement, dated effective July
      10.1         15, 2019, by and among Q2 Software, Inc. and Odus Edward
                   Wittenburg, Jr.


© Edgar Online, source Glimpses

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