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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The Employment Agreements generally provide for (1) an annual base salary, (2) eligibility for an annual performance bonus, if and to the extent that the performance metrics or other requirements thereof are achieved, as determined by the Board of Directors of the Company (the "Board") or the Board's designated committee, (3) eligibility for an annual equity grant which will be divided equally between restricted stock units or restricted share units and performance shares or performance units, at the Board's discretion, and (4) other customary employee benefits.
In the event that (a) an Executive's employment is terminated by the Company
without "cause" (as defined in the respective Employment Agreement) or (b) an
Executive terminates his employment for "good reason" (as defined in the
respective Employment Agreement), such Executive is entitled to (1) continuation
of his base salary for twelve months (30 months in the case of
Any termination payments are subject to the Executive or the Executive's estate providing a customary release to the Company. The Employment Agreement also includes customary confidentiality, intellectual property, non-compete and non-disparagement provisions.
The foregoing description of the Employment Agreements contained herein does not purport to be complete and is qualified in its entirety by reference to the complete text of the Employment Agreements.
ITEM 9.01. Financial Statements and Exhibits
(d) Exhibits Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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