ELLIE MAE, INC. (NYSE:ELLI) 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.
ELLIE MAE, INC. (NYSE:ELLI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 9, 2017, Ellie Mae, Inc. (the “Company”) entered into an Executive Transition Agreement with Edgar Luce, the Company’s Executive Vice President and Chief Financial Officer (the “Transition Agreement”). As previously disclosed on the Company’s Current Report on Form 8-K filed on November 21, 2016, Mr. Luce notified the Company of his intention to resign, effective as of April 1, 2017, at which time, to the terms of the Transition Agreement, he will transition to the role of an employee in an advisory capacity.
to the terms of the Transition Agreement, effective April 1, 2017 through March 31, 2018 (the “Term”), Mr. Luce will receive an annual base salary of $315,000 and be entitled to participate in such employee benefit plans and programs as the Company may provide to its employees, but he will not be entitled to additional bonus compensation. The Change of Control and Severance Agreement between the parties dated October 23, 2014 shall remain in full force and effect during the Term and all incentive grants previously granted to Mr. Luce will continue to vest during the Term consistent with the Company’s incentive plans. Mr. Luce’s employment is at-will, and as such may be terminated by either Mr. Luce or by the Company at any time during the Term, provided that if Mr. Luce is terminated without Cause (as defined in the Transition Agreement) the incentive grants that would otherwise vest during the Term will immediately vest.
The foregoing description of the Transition Agreement is qualified in its entirety by reference to the full text of the Transition Agreement, a copy of which will be filed with the Company’s Quarterly Report on Form 10-Q for the period ending March 31, 2017.
About ELLIE MAE, INC. (NYSE:ELLI)
Ellie Mae, Inc. (Ellie Mae) is a provider of on-demand software solutions and services for the residential mortgage industry in the United States. The Company’s Encompass all-in-one mortgage management solution provides one system of record that allows banks, credit unions, and mortgage lenders to originate and fund mortgages and improve compliance, loan quality, and efficiency. Its Encompass software is an enterprise solution that handles functions involved in running the business of originating mortgages, including customer relationship management; loan processing; underwriting; preparation of application, disclosure and closing documents; funding and closing the loan for the borrower; compliance with regulatory and investor requirements, and overall enterprise management that provides one system of record. It delivers Encompass software in an on-demand Software-as-a-Service (SaaS). ELLIE MAE, INC. (NYSE:ELLI) Recent Trading Information
ELLIE MAE, INC. (NYSE:ELLI) closed its last trading session down -2.02 at 97.63 with 351,890 shares trading hands.
Ellie Mae, Inc. (Ellie Mae) is a provider of on-demand software solutions and services for the residential mortgage industry in the United States. The Company’s Encompass all-in-one mortgage management solution provides one system of record that allows banks, credit unions, and mortgage lenders to originate and fund mortgages and improve compliance, loan quality, and efficiency. Its Encompass software is an enterprise solution that handles functions involved in running the business of originating mortgages, including customer relationship management; loan processing; underwriting; preparation of application, disclosure and closing documents; funding and closing the loan for the borrower; compliance with regulatory and investor requirements, and overall enterprise management that provides one system of record. It delivers Encompass software in an on-demand Software-as-a-Service (SaaS). ELLIE MAE, INC. (NYSE:ELLI) Recent Trading Information
ELLIE MAE, INC. (NYSE:ELLI) closed its last trading session down -2.02 at 97.63 with 351,890 shares trading hands.
