Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On April 2, 2021 the Company's Board of Directors appointed Suaad Sait to serve
as the Company's President commencing on May 1, 2020 to hold office until the
earlier election and qualification of his respective successor or until his
earlier resignation or removal. As the Company's President, Mr. Sait will be
responsible for managing Company operations across all departments, and other
duties as may be prescribed by the Company's Chief Executive Officer from time
to time, which presently includeleading the growth of the Company's sales and
marketing as well as product strategy.
Richard Carlson, the Company's current President and Chief Executive Officer,
will step down from his role as President, upon the commencement of Mr. Sait's
appointment and will continue to serve as our Company's Chief Executive Officer.
There are no arrangements or understandings between Mr. Sait and any other
persons pursuant to which he was appointed the Company's President. There is no
family relationship between Mr. Sait and any director, executive officer, or
person nominated or chosen by the Company to become a director or executive
officer of the Company. The Company has not entered into any transactions with
Mr. Sait that would require disclosure pursuant to Item 404(a) of Regulation S-K
under the Securities Exchange Act of 1934.
Mr. Sait, age 53, previously served as Executive Advisor and President of Growth
at Xant.ai (fka insidesales.com) from April 2017 through April 2021, where he
led cross company growth, product strategy, and business development. From
January 2016 to April 2021, Mr. Sait has been a non-employee advisor to Menlo
Ventures. From November 2013 to March 2016, Mr. Sait served as Executive Vice
President Products & Markets at Solarwinds Inc. Mr. Sait holds a B.S. in
Engineering from the State University of New York at Buffalo and a M.S. in
Engineering from the University of Rochester.
Mr. Sait entered into a written employee agreement with the Company whereby Mr.
Sait will receive as compensation, among other things, a base salary of $416,000
per year and is eligible for participation in the Company's executive bonus plan
with a bonus opportunity of $100,000. Additionally, Mr. Sait will be granted (i)
125,000 Restricted Stock Units ("RSUs") pursuant to the Company's 2019 Equity
Incentive Plan.The RSUs shall vest over three (3) years, with 33.3% of the RSUs
vesting on the one-year anniversary of the date of the grant and the remaining
66.6% of the RSUs vesting on a quarterly basis thereafter; and (ii) an option to
purchase 125,000 shares of the Company's common stock at fair market value on
May 1, 2021 pursuant to the Company's 2019 Equity Incentive Plan. The options
shall vest over a 4-year period, with 25% vesting on the first anniversary of
the grant date and an additional 1/48 of the original number of options vesting
every month thereafter. A copy of Mr. Sait's employee agreement is attached as
Exhibit 10.1to this Current Report Form 8-K and is incorporated herein by
reference.
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