Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On May 10, 2023 (the "Effective Date"), Jeff Gardner and CalAmp Corp. (the
"Company") entered into a Separation Agreement (the "Separation Agreement")
providing for Mr. Gardner's separation from the Company. In accordance with the
Separation Agreement, Mr. Gardner will remain employed as the Company's
President and Chief Executive Officer through the earlier of October 30, 2023
and such date as is determined by the Company's Board of Directors (the
"Separation Date"). Mr. Gardner's separation was mutually agreed between the
Company and himself, and his separation is not the result of any disagreement
with the Company on any matter relating to the Company's operations, policies,
or practices. The Company has commenced a search for its next CEO and will be
retaining an executive search firm.
Under the Separation Agreement, Mr. Gardner will continue to receive his
existing salary during the period commencing on May 10, 2023 and ending on the
Separation Date. Unvested equity awards granted under the Company's stock
incentive plans during and after 2021 that vest based on the passage of time
will continue to vest until October 30, 2023, and unvested equity awards granted
under the Company's stock incentive plans prior to 2021 will continue to vest
for a period of 12 months following the later of October 30, 2023 and the
Separation Date. The unvested Company performance-based restricted stock units
held by Mr. Gardner as of the Separation Date will be forfeited without
consideration. Additionally, pursuant to the terms of the Separation Agreement,
subject to Mr. Gardner's execution and non-revocation of a general release of
claims, continued service through the Separation Date (except in specified
circumstances) and continued compliance with certain covenants set forth in the
Separation Agreement and his employment agreement with the Company, the Company
has agreed to provide Mr. Gardner with the without cause termination severance
payments and benefits provided under his employment agreement with the Company.
The foregoing description of the Separation Agreement is qualified in its
entirety by reference to the Separation Agreement, which is filed hereto as
Exhibit 10.1, and is incorporated herein by reference. A copy of the Company's
related press release is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Description
10.1 Separation Agreement, dated May 10, 2023, by and between CalAmp
Corp. and Jeff Gardner
99.1 Press Release, dated May 10, 2023
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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