Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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Each Retention Agreement provides for a lump sum cash payment of a one-time retention bonus to the Executive as soon as practicable following the Executive's execution of the Retention Agreement in the amount of: 50% of the current annualized base salary for the applicable Executive (the "Retention Bonus"). If an Executive's employment is terminated by the Company for "cause" or the Executive resigns without "good reason" (each term as defined in the Retention Agreement), in either case, before specified future events set forth in the Retention Agreement, the Executive will be required to repay to the Company an amount equal to the Retention Bonus.
Each Retention Agreement includes a general release of claims in favor of the Company and its affiliates as a condition to payment of the retention bonus and a requirement that the Executive comply with certain restrictive covenants.
The foregoing description of the Retention Agreements does not purport to be complete and is qualified in its entirety by reference to the full terms and conditions of the form of Retention Agreement that is filed with this Form 8-K as Exhibit 10.1 and incorporated in this Item 5.02 by reference.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 10.1 Form of Retention Agreement.
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