Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
Each employment agreement will be effective as of
Each employment agreement contains two-year non-competition and non-solicitation covenants, as well as a customary covenants relating to the confidentiality of Company information. In the event that an executive is terminated for cause, as defined in the employment agreements, or in the event that the executive's services are terminated due to death or disability, the terminated executive will be entitled to receive only his base annual salary through the date of termination. In the event of other non-cause terminations, the Company will be obligated to pay the terminated executive's base annual salary through the remainder of the employment term.
The descriptions of the employment agreements contained in this report does not
purport to be complete and is qualified in its entirety by reference to the full
text of those employment agreements, which will be filed as exhibits to the
Company's Annual Report on Form 10-K for the fiscal year ending
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