CASTLIGHT HEALTH, INC. (NYSE:CSLT) 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 September 22, 2017, Castlight Health, Inc. (the “Company”) appointed Eric Chan, age 41, the Company’s Chief Accounting Officer, to serve as its Principal Accounting Officer, effective immediately. Following Mr. Chan’s appointment, Siobhan Nolan Mangini, the Company’s Chief Financial Officer, will cease to serve as its Principal Accounting Officer.
Mr. Chan joined the Company in August 2017 as its Chief Accounting Officer. Most recently, Mr. Chan was VP, Corporate Controller at SugarCRM, from November 2015 to August 2017. From April 2012 to November 2015, Mr. Chan was with Twitter, where he was Assistant Controller. Earlier in his career, Mr. Chan served in several audit roles at PricewaterhouseCoopers and KPMG for over 10 years. Mr. Chan is a certified public accountant and holds a degree in Accounting and Finance from Monash University, Australia.
to his offer letter, Mr. Chan’s initial base salary is $275,000 per annum. Mr. Chan is also eligible to participate in the Company’s annual bonus program, with a target bonus percentage of up to thirty percent (30%) of his annual base salary. Mr. Chan will also receive a one-time restricted stock unit grant to acquire 75,000 shares of the Company’s Class B common stock, subject to a four year vesting schedule in which 25% of the shares will vest one year from the grant date and the remainder will vest quarterly thereafter.
The Company intends to enter into its standard form of indemnity agreement with Mr. Chan, in substantially in the form filed as Exhibit 10.1 to the Company’s Registration Statement on Form S-1, as amended (File No. 333-193840), filed with the Securities and Exchange Commission on March 3, 2014, which form of agreement is incorporated by reference herein.
There are no arrangements or understandings between Mr. Chan and any other persons to which he was appointed as Principal Accounting Officer, no family relationships among any of the Company’s directors or executive officers and Mr. Chan and he has no direct or indirect material interest in any transaction required to be disclosed to Item 404(a) of Regulation S-K.
About CASTLIGHT HEALTH, INC. (NYSE:CSLT)
Castlight Health, Inc. offers a health benefits platform that engages employees to make healthcare decisions, and enables employers to communicate and measure their benefit programs. The Company operates through cloud-based products segment. Its products deliver employee engagement and enable employers to integrate benefit programs into a single platform available to employees and their families. Its health benefits platform engages external data and its substantial user base to provide a single, end-to-end solution that integrates benefit programs and engages employees through personalized and relevant communications. Its offering provides employers the opportunity to communicate, measure, and get value out of their benefits and programs on a real-time basis. It obtains external data from a range of sources, such as healthcare providers, governmental agencies and quality-monitoring organizations, as well as internal data it generates from the usage of its products.
