UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed, on November 29, 2021, KORE Group Holdings, Inc. (the “Company”) announced Puneet Pamnani stepped down from his role as the Company’s Chief Financial Officer, effective November 23, 2021 (the “Transition Date”), and is expected to depart from the Company on February 28, 2022 (the “Separation Date”). On January 3, 2022, Mr. Pamnani, the Company and KORE Wireless Group Inc. (“KORE”) entered into a separation agreement (the “Separation Agreement”).
Pursuant to the terms of the Separation Agreement, Mr. Pamnani will provide advisory services to assist in the Chief Financial Officer transition beginning on the Transition Date and ending on the Separation Date, during which period Mr. Pamnani will continue to receive his base salary and remain eligible to participate in certain benefit plans and programs of KORE. Mr. Pamnani will receive all accrued and unpaid salary and any unreimbursed business expenses incurred through the Separation Date, payable in a lump sum within 30 days after the Separation Date. Subject to Mr. Pamnani’s execution and non-revocation of a general release and reaffirmation agreement, Mr. Pamnani will also receive: (i) payment of his salary for a period of 15 months following the Separation Date (the “Severance Term”); (ii) payment of KORE’s portion of Mr. Pamnani’s and his dependents’ COBRA premiums under KORE’s major medical group health plan on a monthly basis during the Severance Term; (iii) payment of his annual bonus for fiscal year 2021, pursuant to the terms of his employment agreement and the Separation Agreement; and (iv) payment for accrued but unused paid time off. The Separation Agreement includes a customary release of claims by Mr. Pamnani in favor of the Company. Mr. Pamnani is also subject to certain continuing obligations and restrictions, including with respect to confidentiality, non-competition, non-solicitation and non-disparagement.
The foregoing description of the Separation Agreement is qualified in its entirety by reference to the full text of the Separation Agreement, which is attached hereto as Exhibit 10.1.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
The following exhibits are filed with this current report:
| Exhibit |
Description | |
| 10.1 | Separation Agreement, dated January 3, 2022, by and among Puneet Pamnani, the Company and KORE Wireless Group Inc. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| KORE Group Holdings, Inc. | ||||||
| Date: January 7, 2022 | By: | /s/ Jack W. Kennedy Jr. | ||||
| Name: | Jack W. Kennedy Jr. | |||||
| Title: | Executive Vice President, Chief Legal Officer and Secretary | |||||