CANTEL MEDICAL CORP. (NASDAQ:CMN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 10, 2016, Cantel Medical Corp. (Company) announced that Steven C. Anaya, Senior Vice President and Chief Accounting Officer of the Company, will be departing the Company on or about March 31, 2017.
In connection with Mr. Anaya’s announced departure, the Company and Mr. Anaya entered into a Separation Agreement and General Release that provides for the following, among other terms, all subject to the terms and conditions of such agreement:
(i) Mr. Anaya will remain employed by the Company through March 31, 2017.
(ii) Mr. Anaya will receive his full target bonus attributable to the fiscal year ending July 31, 2017.
(iii) All unvested shares of restricted stock held by Mr. Anaya on his last date of employment by the Company will automatically accelerate and fully vest on such date.
(iv) Mr. Anaya will be paid a lump sum of $401,681 following his last date of employment.
(v) The Company will pay the “employer portion” of the premium for COBRA medical and dental insurance for up to 12 months.
(vi) The Amended and Restated Executive Severance Agreement between Mr. Anaya and the Company dated as of November 17, 2014 has been terminated.
The foregoing summarizes the Separation Agreement and General Release, but does not purport to be complete and is qualified in its entirety by the terms and conditions of the such agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements, Pro-Forma Financial Information and Exhibits
Exhibit 10.1 Separation Agreement and General Release dated as of November 10, 2016 between the Company and Steven C. Anaya.