EPAM SYSTEMS, INC. (NYSE:EPAM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain
appointed Gary Abrahams as the Companys Principal Accounting
Officer.
and Corporate Controller, after having served as an independent
contractor for EPAM starting in March of 2016. Mr. Abrahams has
over 25 years of experience in global corporate financial
management and Big Four public accounting firms. From December
2015 to March 2016, Mr. Abrahams worked as an independent
contractor at CMF Associates, LLC, a management and financial
services advisory firm. From June 2014 to April 2015 he served as
Senior Vice President, Chief Accounting Officer at Preferred
Sands, a producer of high-performance sands and proppant
materials used in the oil and gas industry. From May 2006 to
April 2014, Mr. Abrahams served in several senior finance roles
at Shire Pharmaceuticals, a global biotechnology company, last
serving as Vice President, Finance Operations – The Americas,
where he was responsible for leading the Controllers teams in
North and South America and enhancing the finance infrastructure
to support the growth of the multinational business. Before
joining Shire, Mr. Abrahams held finance and Controller positions
at Bracco Diagnostics, a subsidiary of a multinational healthcare
company, from 1994 to 2006. He began his career at Arthur
Andersen LLP in New York City. Mr. Abrahams holds a BBA in
Accounting from Hofstra University.
and Corporate Controller, on May 31, 2016, the Company entered
into an offer letter agreement with Mr. Abrahams (the Offer
Letter). Under the Offer Letter, Mr. Abrahams is paid an annual
base salary of $240,000 and will have an annual target bonus of
40% of his base salary. Mr. Abrahams received an initial equity
grant equal to 778 restricted stock units (RSUs), representing a
right to receive shares of EPAMs common stock (each, a Share),
which was equal to $50,000 of value of RSUs determined by
dividing $50,000 by the closing price value of a Share on the
grant date. Mr. Abrahams has an annual opportunity to receive an
equity grant, under the terms of the EPAM Systems, Inc. 2015 Long
Term Incentive Plan. Mr. Abrahams is eligible to participate in
other compensation plans or arrangements available to EPAMs
U.S.-based employees. As a requirement of the Offer Letter, the
Company entered into a confidential assignment, noncompete and
nonsolicitation agreement (the Restrictive Covenant Agreement)
with Mr. Abrahams. Under the Restrictive Covenant Agreement, Mr.
Abrahams is bound by a perpetual nondisclosure covenant, an
assignment of work provision and a nonsolicitation/noncompete
agreement lasting one year after his termination date.
Agreement, there is no other arrangement or understanding between
Mr. Abrahams and any other person to which he was or is selected
to be the Companys Principal Accounting Officer. There is no
family relationship between Mr. Abrahams and any of our executive
officers and directors. There are no related person transactions
(within the meaning of 404(a) of Regulation S-K) between Mr.
Abrahams and EPAM or any of its subsidiaries.
About EPAM SYSTEMS, INC. (NYSE:EPAM)
EPAM Systems, Inc. (EPAM) is a provider of software engineering solutions and information technology services. The Company’s service offerings include Software Product Development Services, Custom Application Development Services, Application Testing Services, Enterprise Application Platforms, Application Maintenance and Support, and Infrastructure Management Services. The Company offers its solutions and services to industries, such as software and technology, financial services, media and entertainment, travel and hospitality, retail, energy, life sciences, healthcare, telecommunications and government. It provides Software Product Development Services to independent software vendors, and technology companies. It offers Custom Application Development Services to businesses with application development needs. The Company offers Application Testing Services across various technology platforms and industry verticals. EPAM SYSTEMS, INC. (NYSE:EPAM) Recent Trading Information
EPAM SYSTEMS, INC. (NYSE:EPAM) closed its last trading session up +0.81 at 75.52 with 263,462 shares trading hands.