Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events:

Appointment of Chief Accounting Officer

On October 21, 2021, the Board of Directors of the Company announced that the Company had appointed John Golubieski as the Company’s Chief Accounting Officer, effective as of October 25, 2021. Mr. Golubieski will serve as Chief Accounting Officer until November 4, 2021, at which time he will resign from the position of Chief Accounting Officer and become Chief Financial Officer. Mr. Golubieski will also serve as the Company’s principal financial officer and principal accounting officer, effective as of November 4, 2021.

In connection with Mr. Golubieski’s appointment, the Company entered into an employment agreement with Mr. Golubieski, effective as of October 25, 2021 (the “Employment Agreement”). Pursuant to the Employment Agreement, Mr. Golubieski will be paid an annual base salary of $0.4 million and will be eligible for an annual performance-based incentive cash bonus in an amount up to 45% of Mr. Golubieski’s then-current base salary. Mr. Golubieski’s bonus for 2021 will be pro-rated to reflect his start date with the Company. In connection with his appointment, Mr. Golubieski will receive (i) an inaugural, one-time grant of options to purchase common stock with a value of $0.7 million (the “Option Award”) and (ii) an inaugural, one-time grant of restricted stock units with a value of $0.2 million (the “RSU Award”). The strike price for the Option Award will be the closing price of the Company’s common stock on the Nasdaq Global Select Market on the date of the grant. Both the Option Award and the RSU Award will vest in three equal portions on the first, second and third anniversary date of the grant date, subject to Mr. Golubieski’s continued service with the Company through the applicable vesting dates.

Departure of Chief Financial Officer

On October 15, 2021, Mary Theresa Coelho resigned as Executive Vice President, Chief Financial Officer and Treasurer of the Company to pursue other professional opportunities. Ms. Coelho’s resignation is effective as of November 3, 2021 and is not the result of any disagreement regarding the Company’s financial reporting or accounting policies, procedures, estimates or judgments.