Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 16, 2020, the Company announced temporary reductions in salaries
effective April 27, 2020 through July 17, 2020, including for the Chief
Financial Officer (twenty-five percent) and Principal Accounting Officer (twenty
percent). On June 16, 2020, the Board of Directors of the Company elected to
cancel the previously announced salary reductions effective June 16, 2020.
On May 5, 2020, in connection with the Board's appointment of Cloyd J. Abruzzo
as the Interim President and Chief Executive Officer of the Company, the Company
entered into a letter agreement (the "Letter Agreement") with Mr. Abruzzo
pursuant to which, among other things, Mr. Abruzzo is entitled to receive a base
monthly salary of $25,000 ($300,000 annualized). On June 22, 2020, the Board
approved an amendment to the Letter Agreement, pursuant to which Mr. Abruzzo is
entitled to receive a monthly salary of $50,000 ($600,000 annualized) effective
as of June 1, 2020.
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