Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On
As of each date on which compensation that would otherwise have been paid is
deferred pursuant to each Executive's Agreement, the Company will accrue a
number of shares of its common stock calculated by dividing (i) the dollar
amount of the deferred compensation for such date by (ii) the fair market value
of one share of the Company's common stock (the "Accrued Shares"). For purposes
of calculating the number of Accrued Shares, "fair market value" will equal the
official closing price on the NYSE American consolidated tape on the calculation
date, or if that day in not a trading day on the trading day immediately
preceding such day, as long as the Company's common stock is listed on the NYSE
American exchange). On or before
Name and Title Percentage Deferral Period Edward R. Grauch 5% 09/02/2020 - President, Chief Executive Officer 12/12/2020 Eric Skolnik 5% 09/02/2020 - Senior Vice President, Chief Financial 12/12/2020
Officer
Ronald V. Alterio 5% 09/02/2020 - Senior Vice President-Engineering, Chief 12/12/2020 Technology Officer Allen Horvath 25% 09/02/2020 - Senior Vice President-Operations, Asst. 12/12/2020
Secretary
The foregoing summary of the Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the form of Deferred Compensation Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits. The following exhibit is filed herewith:
Exhibit No. Description 10.1 Form of Deferred Compensation Agreement. 1
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