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Subsequent Event
3 Months Ended
Mar. 31, 2022
Subsequent Event  
Subsequent Event

19.Subsequent Events

Effective April 6, 2022, Mark R. Stauffer, the President, Chief Executive Officer, and Interim Chief Financial Officer of the Company, and a member of its Board of Directors, separated from the Company in all capacities.

Effective April 6, 2022, the Board appointed Austin J. Shanfelter, age 64, as the Company’s Interim Chief Executive Officer and Interim Chief Financial Officer. Mr. Shanfelter is currently the Chairman of the Company’s Board of Directors, and he will also continue to serve in that capacity. In connection with Mr. Shanfelter’s appointment, the Board has designated Richard L. Daerr, Jr., a current member of the Board, as Lead Independent Director.

In connection with Mr. Stauffer’s separation from the Company, he and the Company entered into a consulting agreement effective April 6, 2022 (the “Consulting Agreement”). Pursuant to the terms of the Consulting Agreement, Mr. Stauffer has agreed to provide transition assistance to Mr. Shanfelter in his role as Interim Chief Executive Officer and Interim Chief Executive Officer through June 30, 2022, for a weekly fee of $13,900.

Mr. Stauffer and the Company also entered into a Separation and General Release Agreement, effective April 6, 2022 (the “Separation Agreement”). Pursuant to the terms of the Separation Agreement, in consideration for signing a customary general release and waiver of claims, Mr. Stauffer will receive (i) the cash severance payments due him under the terms of his Employment Agreement with the Company, dated January 1, 2015, as amended by the First through Fourth Amendments, as previously disclosed by the Company, (ii) accelerated vesting of certain outstanding equity awards which were scheduled to vest on or prior to August 31, 2022, and (iii) the unmodified right to exercise any previously vested stock options. The Company will incur expenses of approximately $1.1 million, primarily in the second fiscal quarter of 2022, related to the Separation Agreement.