Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 7, 2022, James Haley notified Desktop Metal, Inc. (the "Company") that
he planned to step down as Chief Financial Officer of the Company. Mr. Haley
will continue to serve as the Company's Chief Financial Officer until the
earlier of December 31, 2022 and the date a new Chief Financial Officer begins
employment with the Company (the "Separation Date"). Mr. Haley's departure was
mutually agreed between the Company and himself, and his departure is not the
result of any disagreement with the Company on any matter relating to the
Company's operations, policies, or practices.
On July 11, 2022, Mr. Haley and the Company entered into a Separation Agreement
(the "Separation Agreement") pursuant to which, in exchange for transition
services, a release of claims in favor of the Company and its affiliates and a
non-compete, the Company will (i) continue to pay Mr. Haley's base salary for a
period of 9 months from the Separation Date (the "Severance Period"), (ii) cause
50% of Mr. Haley's unvested time-based restricted stock units to vest in full,
(iii) pay the employer portion of the premium for Mr. Haley's COBRA coverage
during the Severance Period, and (iv) pay Mr. Haley $249,000, which is equal to
100% of his 2022 bonus opportunity as of the Separation Date. The Separation
Agreement also includes other customary provisions.
The foregoing description is qualified in its entirety by the Separation
Agreement, 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 Separation Agreement, dated as of July 11, 2022, by and between
Desktop Metal, Inc. and James Haley
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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