Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
(e)
The Company entered into an employment agreement (the "Employment Agreement")
with Howard J. Weisman, the Company's Chief Executive Officer, effective January
1, 2023 (the "Effective Date"), pursuant to which Mr. Weisman is eligible to
receive an annual salary of $450,000 and is eligible to participate in the
Company's annual bonus plan, with a target bonus of 50% of his base salary. Mr.
Weisman is also eligible to participate in the Company's Amended and Restated
2020 Omnibus Equity Incentive Plan and shall receive a signing bonus in an
amount equal to $40,000 within thirty days of the Effective Date. The initial
term of the Employment Agreement is two (2) years (the "Initial Term"),
commencing on the Effective Date, which may be automatically extended for
successive one-year periods on each anniversary of the Effective Date following
the Initial Term unless either party elects not to extend the Employment
Agreement.
The Employment Agreement provides that if Mr. Weisman's employment is terminated
by us without cause, or by him for good reason, he will receive (i) his earned
but unpaid annual bonus with respect to the fiscal year ending on or preceding
the date of termination, (ii) continuation of his base salary payments for
twelve months following his termination of employment, and (iii) continued
participation in the Company's group health plan for six months following his
termination of employment, provided that he is eligible and remains eligible for
COBRA coverage, in each case subject to certain conditions, including the
execution of a release of all claims against the Company. The foregoing
description is qualified in its entirety by the full text of the Employment
Agreement, which is filed as Exhibit 10.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Description
Number
10.1 Employment Agreement, dated as of January 1, 2023, between the Company
and Howard J. Weisman.
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