Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 25, 2020, as part of its Executive Succession Plan, Anterix Inc. (the
"Company") announced that Brian D. McAuley had submitted his resignation as
Executive Chairman of the Board, effective on July 1, 2020. The Company also
announced that Mr. McAuley would continue to serve on the Board through the date
of the Company's 2020 Annual Meeting of Stockholders as Chairman Emeritus.
On August 27, 2020, the Company entered into a consulting agreement with Mr.
McAuley (the "Consulting Agreement") under which Mr. McAuley will serve as a
Senior Advisor to the Company's management team and provide strategic, corporate
governance and Board advisory services. The Consulting Agreement provides that
Mr. McAuley will receive cash compensation of $40,000 per year. Pursuant to the
existing terms of his outstanding equity awards, Mr. McAuley will continue to
vest in his outstanding equity awards as he continues to provide services to the
Company pursuant to the Consulting Agreement. The Consulting Agreement is
effective as of September 2, 2020 and terminates by its terms on September 1,
2021, unless terminated earlier by either party or extended upon the mutual
agreement of the parties at least thirty (30) days before the end of the term.
The Consulting Agreement contains standard confidentiality, indemnification and
intellectual property assignment provisions in favor of the Company.
The Consulting Agreement also contains a waiver by Mr. McAuley to any severance
benefits that he might be entitled to receive under the Company's Executive
Severance Plan in connection with his resignation and the Executive Succession
Plan. In consideration for this wavier, in the event the Company terminates the
Consulting Agreement without cause, Mr. McAuley dies or becomes disabled during
the term of the Consulting Agreement, or the Company elects not to extend the
term of the Consulting Agreement through September 1, 2023, then the vesting of
all outstanding time-based equity awards held by Mr. McAuley shall accelerate on
the date his consulting services end such that he will be deemed to have vested
in a total of 18,761 shares of Common Stock for his services under the
Consulting Agreement. In addition, Mr. McAuley's performance-based equity awards
shall remain outstanding (and shall not terminate) and he shall continue to be
eligible to obtain vested option shares and vested restricted stock units under
his outstanding performance-based equity awards if the "Vesting Conditions" set
forth in the performance-based equity awards are satisfied.
The Audit and Compensation Committees each approved Mr. McAuley's Consulting
Agreement, and the consideration he will receive thereunder, in accordance with
the Company's Corporate Governance Guidelines and Related Party Transaction
Policy.
The foregoing summary of the Consulting Agreement is not complete, and is
qualified in its entirety by reference to the full text thereof, a copy of which
is filed as Exhibit 10.1 to this Current Report on Form 8-K, and incorporated
herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1 Independent Contractor Services Agreement, dated August 27,
2020, by and between the Company and Brian D. McAuley.
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