Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 27, 2021, the Board of Directors of Cardiovascular Systems, Inc. (the
"Company") elected Sachin Jain as a Class II director.
Dr. Jain was not elected to the Board of Directors pursuant to any arrangement
or understanding between him and any other person. Dr. Jain has not been a party
to, nor has he had a direct or indirect material interest in, any transaction
with the Company during the current or preceding fiscal year. In connection with
his service as a director, Dr. Jain will participate in the Company's Board of
Directors compensation program for the year ending June 30, 2021. Accordingly,
for the fiscal year ending June 30, 2021, Dr. Jain will receive an annual
retainer of $45,000 for his Board service and a Restricted Stock Unit ("RSU")
award with a value of $145,000, each pro-rated for the portion of fiscal 2021
for which Dr. Jain will serve as a director. The RSU is payable in cash or
shares of the Company's common stock, at the Company's discretion, within 30
days after the six month anniversary of the termination of Dr. Jain's Board
membership. In addition, Dr. Jain executed the Company's standard
Indemnification Agreement for directors.
On January 27, 2021, the Company issued a press release announcing Dr. Jain's
appointment to the Board of Directors. A copy of the press release is attached
hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
99.1 Press Release dated January 27, 2021.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses
CARDIOVASCULAR SYSTEMS, INC. 
