Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed, Rebecca Collins notified Verra Mobility Corporation
(the "Company") of her intent to resign from her position as General Counsel of
the Company effective September 16, 2022 (the "Separation Date"). On August 29,
2022, Ms. Collins and the Company entered into a Separation and Release
Agreement (the "Separation Agreement"), which provides for the acceleration of
vesting for the final tranche of 40,069 restricted stock units granted to Ms.
Collins on October 23, 2018, provided that she executes a general release of
claims in favor of the Company. The Separation Agreement also amends certain
provisions of Ms. Collins' Amended and Restated Executive Employment Agreement,
dated as of March 25, 2021, including: (i) a six (6)-month extension of the
non-solicitation period, from eighteen (18) months to twenty-four (24) months
following the Separation Date; (ii) a twelve (12)-month extension of the
non-competition period, from twelve (12) months to twenty-four (24) months
following the Separation Date; and (iii) an expansion of the restricted business
definition applicable to Ms. Collins' non-competition obligations.
The foregoing description of the Separation Agreement is qualified in its
entirety by reference to the Separation Agreement, which will be filed as an
exhibit to the Company's quarterly report on Form 10-Q for the quarter ending
September 30, 2022.
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