Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
OnMay 8, 2023 ,Embark Technology, Inc. (the "Company") entered into a separation benefits letter agreement (the "Letter Agreement") with the Company's Chief Executive Officer,Alex Rodrigues , pursuant to whichMr. Rodrigues is eligible for certain separation benefits. Pursuant to the Letter Agreement, ifMr. Rodrigues is terminated by the Company without Cause (as defined in the Letter Agreement) or due to a Resignation for Good Reason (as defined in the letter agreement), subject to his execution and non-revocation of a release of claims and continued compliance with his obligations to the Company, including under his confidentiality and invention assignment agreement,Mr. Rodrigues will be entitled to receive a lump sum payment equal to six months base salary and fifty percent (50%) of any annual target bonus, if applicable, as well as up to six months of continued coverage under the Company's group health plans as if he had remained employed.
The foregoing description of the letter agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Letter Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description 10.1 Separation Benefits Letter Agreement, datedMay 8 ,
2023, by and between Embark
Technology, Inc. andAlex Rodrigues . 104 Cover Page Interactive File (the cover page tags are
embedded within the Inline
XBRL document).
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