Crossroads Systems, Inc. (NASDAQ:CRDS) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On July 31, 2017, the Company also entered into an amended Retention and Severance Agreement with each of Jennifer Crane, the Company’s Chief Financial Officer, and Mark Hood, the Company’s Executive Vice President (the “Severance Agreements”).
to the Severance Agreements, Ms. Crane and Mr. Hood will each be eligible to earn a retention bonus of $35,000 to be paid in a lump sum payment within 10 days of December 31, 2017 (the “Retention Bonus”). Ms. Crane’s annual salary will remain $175,000 and Mr. Hood’s annual salary will remain $225,000. The Severance Agreements also provide for the termination of any stock options or warrants issued to each of Ms. Crane and Mr. Hood by the Company.
In the event that Ms. Crane or Mr. Hood’s respective employment is terminated with Cause (as defined in the Severance Agreements) or he or she voluntarily resigns, each at any time prior to December 31, 2017, he or she will not be eligible for any portion of his or her Retention Bonus, as applicable. In the event that Ms. Crane or Mr. Hood’s respective employment is terminated without Cause or for Good Reason (each as defined in the Severance Agreements), they shall be entitled to receive: (i) a severance payment equal to twelve (12) months of base salary, (ii) a payment for up to six (6) months of the premiums associated with continuation of health insurance benefits to COBRA, and (iii) the immediate vesting of all options and all other awards held.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
The information set forth in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 5.02.
About Crossroads Systems, Inc. (NASDAQ:CRDS)
Crossroads Systems, Inc. is a provider of data storage solutions. The Company develops technology and products that address information technology challenges, such as storing and protecting business data. Its products are delivered either as software or as software embedded in an appliance. Its products include StrongBox, which is a storage gateway solution that integrates storage tiers and technologies to simplify data management and enables data preservation; StrongBox VM, which is a software version of StrongBox that runs on VMware ESXi servers; StrongBox DataManager, which is a software enhancement to StrongBox that provides file migration from storage systems, such as NetApp, Linux and other servers; StrongBox VSeries Tape Libraries, which are paired with the StrongBox or StrongBox VM to provide customers a data storage solution; SPHiNX, which a virtual tape system that provides data protection, and FileStor HSM, which provides file management for policy-based data migration.
