UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM
CURRENT REPORT
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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 reported, on October 29, 2021, Ellen Scipta stepped down as chief financial officer of Intricon Corporation (the "Company") to pursue other opportunities.
On November 14, 2021, the Company and Ms. Scipta entered into a Separation Agreement and General Release of Claims (the "Separation Agreement"), which became effective upon the expiration of the 15-day revocation period required under applicable law. Under the Separation Agreement, the Company will provide Ms. Scipta the following:
• | a separation payment totaling $380,000, payable in 26 consecutive equal installments, less applicable withholdings, in accordance with the Company's standard payroll practices; | ||
• | payment of up to an aggregate of $10,000 for outplacement services; | ||
• | the vesting of 15,251 previous granted restricted stock units held by Ms. Scipta, less applicable withholdings; and | ||
• | the continuation of 1,326 previously granted performance restricted stock units held by Ms. Scipta, subject to vesting upon achievement of the targets under the award. |
The Separation Agreement also contains a release of claims against the Company and related persons.
SIGNATURES
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.
INTRICON CORPORATION | ||
By: |
/s/ Scott Longval | |
Name: | Scott Longval | |
Title: | President and Chief Executive Officer |
Date: December 1, 2021