Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b), (c), (e) On March 28, 2022,
In consideration ofMr. Stansbury's anticipated appointment, theHuman Resources and Compensation Committee (the "Committee") of the Company's board of directors approved a base salary of$750,000 , a target short-term incentive opportunity of$937,500 , and a target annual long-term incentive opportunity of$4,350,000 , withMr. Stansbury's initial long-term award to be granted on the Transition Date on the same terms as grants to the Company's other executive officers. In addition, to partially offset amounts thatMr. Stansbury will forfeit upon his departure from his current employer, the Committee approved (i) a sign-on cash bonus award of$150,000 , subject to a two-year "clawback" feature, and (ii) a sign-on equity award of$3,750,000 of time-based restricted stock,$3,000,000 of which will vest in equal installments on the fifth and seventh anniversaries of the grant date and$750,000 of which will vest ratably over a three-year period, subject to continued service and other customary terms. Effective on the Transition Date,Mr. Stansbury will also be entitled to receive all change-in-control, severance and other benefits afforded to the Company's executive officers, as described in our periodic reports previously filed with theSecurities and Exchange Commission .
For
The foregoing description of the chief financial officer transition and compensation arrangements ofMr. Stansbury does not purport to be complete and is qualified in its entirety by reference to (i) the Company's press release issued onMarch 28, 2022 , which is filed as Exhibit 99.1 to, and is incorporated by reference into, this Current Report on Form 8-K, and (ii)Mr. Stansbury's offer letter, which the Company plans to file as an exhibit to its Quarterly Report on Form 10-Q for the quarterly period endedMarch 31, 2022 .
Forward Looking Statements
Except for the historical and factual information contained herein, the matters set forth in this Current Report on Form 8-K, including statements regarding the proposed impact of the proposed transactions and other statements identified by words such as "will," "estimates," "expects," "projects," "plans," and similar expressions, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, many of which are beyond our control, including the completion of documentation of the above-described arrangements. Actual events and results may differ materially from those anticipated, estimated or projected if one or more of these risks or uncertainties materialize, if underlying assumptions prove incorrect, or if we are unable to implement the proposed transactions on the terms described above or at all. You should not place undue reliance on these forward looking statements, which speak only as of the date of this Current Report on Form 8-K. Unless legally required, we undertake no obligation and expressly disclaims any such obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Item 9.01. Financial Statements and Exhibits.
(d)
The following exhibits are furnished with this Current Report on Form 8-K: Exhibit No. Description Exhibit 99.1 Press release datedMarch 28, 2022 , announcing the Chief Financial Officer transition. Exhibit 104 Cover page formatted as Inline XBRL and contained in Exhibit 101.
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