Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e)
Prior to the expiration of the 2018 employment agreement between the Company andMr. Costello that expired onJanuary 15, 2021 , the Company renewed its employment agreement withMr. Costello (the "2021 Employment Agreement") extending the term of his employment for an additional three years. The 2021 Employment Agreement, which was executed onOctober 26, 2020 , increasesMr. Costello's annual base salary to$450,000 , commencingJanuary 15, 2021 , and his target bonus to$550,000 for the fiscal years endingDecember 31, 2021 , 2022 and 2023. Payment of the bonus is contingent upon the achievement of performance goals established and assessed solely at the discretion of the board of directors of the Company (the "Board") or, to the extent delegated, the Compensation Committee of the Board. The annual bonus may be payable partially in cash and partially in equity, as determined by the Company. In addition, the 2021 Employment Agreement provides for severance and change of control benefits and for non-competition, non-solicitation and confidentiality provisions during his employment and for a period of twelve months years after termination.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description 11 Employment Agreement, dated as of October 26,
2020, between the Company and
Richard A. Costello . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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