On April 7, 2020, ARC Document Solutions, Inc. (the “Company”) received a notification letter (the “Notice”) from the New York Stock Exchange (the “NYSE”) advising that the Company is not in compliance with Section 802.01C of the NSYE’s Listed Company Manual because the 30-day trading-day average closing share price of the Company’s common stock was $0.93 as of April 6, 2020, which was below the NYSE $1.00 price standard (“Minimum Share Price Requirement”).

The Company plans to notify the NYSE of its intent to cure the deficiency and return to compliance with the NYSE continued listing requirements. In addition, the Company intends to monitor the closing share price of its common stock and consider available options if its common>stock>does not trade at a level likely to result in the Company regaining compliance with the Minimum Share Price Requirement by October 7, 2020.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

>>>>>>>>>2020 Voluntary Temporary Base Salary Reductions

On April 7 and 8, 2020, in response to the COVID-19 global pandemic, the Company entered into amendments to the executive employment agreements with each of Kumarakulasingam Suriyakumar, President and Chief Executive Officer; Jorge Avalos, Chief Financial Officer; Dilantha Wijesuriya, Chief Operating Officer, and Rahul K. Roy, Chief Technology Officer (collectively, the “Amendments”) providing for temporary base salary reductions. The Amendments provide for the following base salary reductions, not to exceed three months: (a) in the case of Mr. Suriyakumar, a fifty-percent (50%) temporary base salary reduction, and (b) in the case of each of Messrs. Avalos, Wijesuriya and Roy, a thirty-five percent (35%) temporary base salary reduction.

The foregoing summary of the Amendments is not a complete description of the terms of such amendments and is qualified by reference to the full text of such amendments, which are attached hereto as Exhibit 10.1, 10.2, 10.3 and 10.4 and incorporated by reference herein.

Item 8.01. Other Events.

On April 10, 2020, the Company issued a press release regarding the matters discussed in Items 3.01 and 5.02 above. A copy of the press release is furnished as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

>(d) Exhibits.

ARC DOCUMENT SOLUTIONS, INC. Exhibit
EX-10.1 2 form8-kxexhibit101.htm EXHIBIT 10.1 Exhibit AMENDMENT NO. 2 TO AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENTARC DOCUMENT SOLUTIONS,…
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About ARC Document Solutions, Inc. (NYSE:ARC)

ARC Document Solutions, Inc. (ARC) is a document solutions provider for the architectural, engineering and construction (AEC) industry. The Company also provides document solutions to businesses of various types. ARC’s offerings include managed print services (MPS), offsite services, archive and information management (AIM), specialized color printing, Web-based document management applications, digital shipping/managed file transfer, and equipment and supplies sales. MPS is an onsite service where it installs a complete document solution platform in its customers’ offices and project sites. Its Offsite Services offering operates over 180 offsite service centers. AIM enables its customers to store information and intellectual property in a cloud-based and searchable digital archive. The Specialized Color Printing offering is focused on color printing, finishing and assembly of graphic materials. Its Web-Based Document Management Applications develop and offer tools to its customers.