Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On July 25, 2022, Stephanie Garcia notified 8x8, Inc. (the “Company”) of her decision to resign as Chief Human Resources Officer (“CHRO”), effective August 5, 2022 (the “Separation Date”). It is expected that Ms. Garcia will continue to perform her duties as CHRO until the Separation Date.
(c) On July 21, 2022, Suzy Seandel, Chief Accounting Officer of the Company, was appointed to the role of principal accounting officer and will serve as the Company’s principal accounting officer.
Ms. Seandel, age 58, joined the Company in May 2022 in her current role as Senior Vice President, Chief Accounting Officer. Prior to the Company, Ms. Seandel served as the VP, Corporate Controller for Barracuda Network, Inc., a security, networking and storage products company, from February 2019 to May 2022. From January 2007 to October 2018, Ms. Seandel served as Chief Accounting Officer at Cavium Networks, Inc., a fabless semiconductor company. Prior to Cavium Networks, Inc., Seandel also held positions of increasing responsibility at several other publicly traded companies and spent nearly five years at Deloitte & Touche LLP in assurance and audit services. Ms. Seandel holds a Bachelor of Science degree in Finance from Santa Clara University.
There are no family relationships between Ms. Seandel and any Company director or executive officer, and no arrangements or understandings between Ms. Seandel and any other person pursuant to which she was selected as an officer.
Under the terms of Ms. Seandel’s employment with the Company, Ms. Seandel is employed on an “at will” basis. Ms. Seandel’s annual base salary is $340,000 and she has an annual bonus target of 45% of her base salary. In addition, Ms. Seandel received an award of restricted stock units (“RSUs”), representing the right to acquire shares of the Company’s common stock valued at $1,300,000, vesting over a three-year period, with one-third (1/3) of the total number of RSUs vesting on the first anniversary of the grant date, and one-eighth (1/8) of the remaining number of RSUs vesting on a quarterly basis thereafter. Ms. Seandel is not entitled to any payments from the Company in the event her employment by the Company terminates as a result of death or disability. Ms. Seandel is eligible to receive severance benefits under the Company’s Amended and Restated 2017 Executive Change-In-Control and Severance Policy if her employment is terminated without cause by the Company either (i) within three months before or twelve months after a change-in-control of the Company or (ii) not in connection with a change-in-control.