Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously reported,
In connection with the termination of
As contemplated by the Employment Agreement, the Separation Agreement provides,
among other things, for
• continuation of his regular base salary, equal to the annual sum of$325,000 , in biweekly installments for twelve months after the date of termination of employment (the "Termination Date"); • his bonus for 2020 (as yet undetermined), if not paid prior to the Termination Date; • a pro-rated cash bonus for the period fromJanuary 1, 2021 throughMarch 16, 2021 , based on the average cash bonuses received byMr. Morof for 2019 and 2020; and • COBRA premiums for medical, dental, and vision employee benefit programs, on the same basis as his current joint spousal coverage election, through the twelve-month anniversary of the Termination Date.
In addition, the Separation Agreement contemplates that any outstanding unvested
stock options and restricted stock units held by
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