Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
As part of his previously announced transition from Chief Financial Officer,
Sajid Malhotra and Limelight Networks, Inc. ("Limelight") entered into a
transition agreement and employment agreement amendment (the "Transition
Agreement") yesterday.
"Sajid has been a trusted colleague for over six years. He will be leaving the
company with my thanks and deep appreciation for his many contributions. His
influence and involvement with our Leadership Team has been instrumental in the
advancement of Limelight's strategy and financial results," said Bob Lento,
Chief Executive Officer of Limelight Networks.
Under the terms of the Transition Agreement, Mr. Malhotra will remain with
Limelight in his current capacity until March 31, 2021, his current outstanding
equity awards will continue to vest through September 1, 2021, and he will be
entitled to exercise outstanding vested options until the first to occur of: (i)
the one-year anniversary of his separation date or (ii) the applicable scheduled
expiration date of such award as set forth in the award agreement. He will also
be reimbursed for premiums paid for continued health benefits under Limelight's
health plan until the earlier of December 31, 2021, or the date upon which he
and his eligible dependents become covered under similar plans.
The foregoing description of the Transition Agreement is qualified in its
entirety by reference to the Transition Agreement.
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