Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
1. Base salary of
2. Signing bonus equal to
3. Target bonus for fiscal years 2020, 2021, 2022 and 2023 equal to 50% (25% for fiscal year 2020) of base salary, based on achievement of individual and company-wide performance goals.
4. Term ending
5. Grant of option to purchase 30,000 shares of common stock at 100% of the fair market value per share on the grant date, vesting at the end of the employment term, with a maximum term of ten years. The option will be granted upon signing of the employment agreement.
It is expected that the employment agreement will be signed shortly.
A copy of the Company's press release relating to the announcement described
above, dated
Item 9.01. Exhibits
(d) Exhibits: Exhibit Description 99.1 Press release announcement of promotions of key employees, datedMarch 9,2020 .
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