Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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Mr. Doshi will be paid an annual base salary of$440,000 and benefits consistent with the Company's executive compensation policies. In addition, onJuly 15, 2020 ,Mr. Doshi will receive a grant of 40,000 restricted stock units pursuant to the Company's 2016 Long-Term Incentive Plan in connection with his appointment. One third of the award will vest annually onJuly 15 in each of 2021, 2022 and 2023, provided thatMr. Doshi is continuously employed by the Company from and after the award date and through each such anniversary date.Mr. Doshi will also receive a sign on bonus of$93,500 and a guaranteed cash bonus inMarch 2021 of$120,000 , provided thatMr. Doshi is continuously employed by the Company until the date of payment. There are no arrangements or understandings betweenMr. Doshi and any other persons pursuant to whichMr. Doshi was named Senior Vice President, Global Finance and Accounting, and Chief Accounting Officer of the Company.Mr. Doshi does not have any family relationship with any of the Company's directors or executive officers or any persons nominated or chosen by the Company to be a director or executive officer.Mr. Doshi does not have any direct or indirect material interest in any transaction or proposed transaction required to be reported under Item 404(a) of Regulation S-K. A copy of the press release announcingMr. Doshi's appointment as Senior Vice President, Global Finance and Accounting, and Chief Accounting Officer of the Company is attached hereto as Exhibit 99.1 and is incorporated into this Item 5.02 by reference. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Document Description 99.1 Press Release, datedJune 16, 2020 , announcing the appointment of Mr.Sunil M. Doshi . Cover Page Interactive Data File (embedded within the Inline XBRL 104 document).
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