Item 2.02. Results of Operations and Financial Condition.
On July 27, 2022, the Company issued a press release announcing its financial
results for the three months ended June 30, 2022. A copy of this press release
is furnished as Exhibit 99.1 to this report and should be read in conjunction
with the statements regarding forward-looking statements, which are included in
the text of the release.
The press release is furnished and shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or
subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the
Securities Act of 1933, as amended. The press release should be read in
conjunction with the statements regarding forward-looking statements, which are
included in the text of the release.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On July 25, 2022, Stephanie Garcia notified 8x8, Inc. (the "Company") of her
decision to resign as Chief Human Resources Officer ("CHRO"), effective August
5, 2022 (the "Separation Date"). It is expected that Ms. Garcia will continue to
perform her duties as CHRO until the Separation Date.
(c) On July 21, 2022, Suzy Seandel, Chief Accounting Officer of the Company, was
appointed to the role of principal accounting officer and will serve as the
Company's principal accounting officer.
Ms. Seandel, age 58, joined the Company in May 2022 in her current role as
Senior Vice President, Chief Accounting Officer. Prior to the Company, Ms.
Seandel served as the VP, Corporate Controller for Barracuda Network, Inc., a
security, networking and storage products company, from February 2019 to May
2022. From January 2007 to October 2018, Ms. Seandel served as Chief Accounting
Officer at Cavium Networks, Inc., a fabless semiconductor company. Prior to
Cavium Networks, Inc., Seandel also held positions of increasing responsibility
at several other publicly traded companies and spent nearly five years at
Deloitte & Touche LLP in assurance and audit services. Ms. Seandel holds a
Bachelor of Science degree in Finance from Santa Clara University.
There are no family relationships between Ms. Seandel and any Company director
or executive officer, and no arrangements or understandings between Ms. Seandel
and any other person pursuant to which she was selected as an officer.
Under the terms of Ms. Seandel's employment with the Company, Ms. Seandel is
employed on an "at will" basis. Ms. Seandel's annual base salary is $340,000 and
she has an annual bonus target of 45% of her base salary. In addition, Ms.
Seandel received an award of restricted stock units ("RSUs"), representing the
right to acquire shares of the Company's common stock valued at $1,300,000,
vesting over a three-year period, with one-third (1/3) of the total number of
RSUs vesting on the first anniversary of the grant date, and one-eighth (1/8) of
the remaining number of RSUs vesting on a quarterly basis thereafter. Ms.
Seandel is not entitled to any payments from the Company in the event her
employment by the Company terminates as a result of death or disability. Ms.
Seandel is eligible to receive severance benefits under the Company's Amended
and Restated 2017 Executive Change-In-Control and Severance Policy if her
employment is terminated without cause by the Company either (i) within three
months before or twelve months after a change-in-control of the Company or (ii)
not in connection with a change-in-control.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit Description
99.1 Press release dated July 27 , 2022
104 Cover Page Interactive Data File, formatted in Inline XBRL.
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