Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously reported in the Company’s Current Report on Form 8-K filed with the SEC on February 14, 2020, Bradley S. Little ceased to serve as our Senior Vice President, Finance, Commercial Business Unit effective February 28, 2020 (the “Separation Date”).
On March 3, 2020, the Company and Mr. Little entered into a separation agreement and release of claims (the “Separation Agreement”), which provides for the terms of Mr. Little’s separation and resignation from the Company and all of its subsidiaries, affiliates and related entities, effective as of February 28, 2020, and confirms the severance payments and benefits as set forth in Mr. Little’s employment agreement with the Company dated June 1, 2016. The Separation Agreement also confirms treatment of Mr. Little’s equity awards in accordance with the terms of the Company’s 2003 Long-Term Stock Incentive Plan, as amended and the applicable stock award agreements issued to Mr. Little thereunder.
Pursuant to the Separation Agreement, Mr. Little has agreed to honor certain covenants for confidentiality, non-disparagement, non-competition and non-solicitation, including the restrictive covenants contained in the Employment Agreement, Plan and stock award agreements issued to Mr. Little. In addition, Mr. Little has agreed under the Separation Agreement to make himself reasonably available to confer with the Company on business matters related to his former employment as requested by the Company for up to ten hours per month during the 12 weeks following the Separation Date.
The foregoing description of the Separation Agreement is a summary and is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated by reference herein.