Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
Appointment of Co-CEO; Departure of Director
Reference is made to Item 5.02 of the Current Report on Form 8-K of
Subsequent to
? a 500,000 restricted stock unit equity inducement award;
? a base salary of
? potential for annual cash and equity incentive compensation in an amount, form,
and at such time as provided in executive incentive plans as approved by the
Board from time to time;
? severance compensation for up to two year's compensation based upon his
then-current base salary plus average annual performance bonus over the
preceding three years, together with vesting of certain awards in the event of
a termination of
reason" as those terms are defined in the Singh Employment Agreement;
? automatic vesting of all equity awards if employment is terminated by the
Company without cause or by
in the Singh Employment Agreement); provided that only 50% of such equity
awards shall vest if the employment is terminated by the Company without cause
before
change in control that has occurred on or before
? customary non-disclosure, non-compete, and non-disparagement provisions; and
? a term of two (2) years commencing on
on each two (2)-year anniversary for an additional term two (2) years, unless
either party delivers notice to the contrary to the other party at least sixty
(60) days prior to such two (2)-year anniversary.
The foregoing summary of the Singh Employment Agreement does not purport to be
complete and is qualified in its entirety by reference to the Singh Employment
Agreement, a copy of which will be filed with the
Item 7.01. Regulation FD Information.
On
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. See Exhibit Index set forth below for a list of the exhibits filed or furnished with this Current Report on Form 8-K.
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