Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On December 29, 2022, Juanjo Feijoo, the Company's Chief Operating Officer,
tendered his resignation from his role as Chief Operating Officer, effective
December 31, 2022.
On January 5, 2022, Mr. Feijoo and the Company entered into a Separation and
Release Agreement (the "Separation Agreement"), providing for the terms of Mr.
Feijoo's separation from employment with the Company. Under the Separation
Agreement, the Company has agreed to provide Mr. Feijoo with the following
separation payments and benefits in lieu of any payments or benefits he may
otherwise have been entitled to under the terms of his employment agreement:
severance equal to nine months of base salary plus seventy-five percent (75%) of
Mr. Feijoo's Target Bonus under the Company's Severance and Change in Control
Plan, less any applicable taxes, deductions and withholdings; and nine months of
paid COBRA premiums (which cease in the event of new coverage with a subsequent
employer). The Separation Agreement contains a release of claims, subject to
customary exceptions.
The foregoing description of the Separation Agreement does not purport to be
complete and is qualified in its entirety by reference to the Separation
Agreement, a copy of which will be filed with the Securities and Exchange
Commission in the Company's Annual Report on Form 10-K for the year ended
December 31, 2022.
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