ARC Document Solutions, Inc. (NYSE:ARC) Files An 8-K Results of Operations and Financial Condition

On July 15, 2020, ARC Document Solutions, Inc. (the “Company”) issued a press release reporting its expectation regarding certain preliminary financial results for the second quarter 2020. A copy of the press release is furnished as Exhibit 99.1 and is incorporated by reference herein.

The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

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 July 14, 2020, in response to the continuing COVID-19 global pandemic, the Company entered into letter agreements amending 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 “Letter Agreements”). The Letter Agreements provide for continuation of voluntary base salary reductions previously disclosed on April 7, 2020, at the following levels, until further agreement between the parties to each agreement: (a) in the case of Mr. Suriyakumar, a forty-five percent (45%) temporary base salary reduction, and (b) in the case of each of Messrs. Avalos, Wijesuriya and Roy, a thirty percent (30%) temporary base salary reduction.

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

ARC DOCUMENT SOLUTIONS, INC. Exhibit
EX-10.1 2 form8-kxex101xsuri.htm EXHIBIT 10.1 Exhibit July 14,…
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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.