Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
The Employment Agreement provides that, in the event of a termination of the executive's employment by the Company without cause (as defined in the Employment Agreement), by the executive for good reason (as defined in the Employment Agreement), or by the Company on account of its failure to renew the Agreement within twelve (12) months following a Change of Control (as defined in the Employment Agreement), the Company will pay the executive: (i) all accrued but unpaid base salary and vacation, (ii) a severance amount equal to the sum of (A) 12 months of base salary plus (b) the amount of the annual performance cash award that the executive would have earned at the Target Percentage for the calendar year in which the termination occurs, which severance amount will be paid in a single lump sum payment, and (iii) reimbursement of premiums associated with continuation of coverage through COBRA for a period of up to 12 months, subject, in the case of the payments to be made pursuant to clauses (ii) and (iii), to the execution of a full and final release in favor of the Company.
The Employment Agreement, as more fully provided in a nondisclosure agreement between the Company and the executive, restricts the executive from using or disclosing confidential information for purposes other than advancing the Company's interests. Under the Employment Agreement, during its term and for one year following termination thereof, the executive will not directly or indirectly solicit or accept business from any of the Company's customers (as defined in the Employment Agreement), or solicit or induce any employee to leave the Company.
The summary of the Employment Agreement set forth in this Item 5.02 does not purport to be complete and is qualified in its entirety by reference to the text of the Employment Agreement, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
10.1 Amended and Restated Executive Employment Agreement, datedApril 1, 2020 , by and betweenSAEXploration Holdings, Inc. andMichael Faust 1
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