FARO TECHNOLOGIES, INC. (NASDAQ:FARO) 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 Officers; Compensatory
Arrangements of Certain Officers.
announcing the appointment of Robert E. Seidel as Chief Financial
Officer.
President, Finance and Investor Relations and interim principal
financial officer of the Company and previously held the
positions of Vice President, Americas Finance and Accounting from
November 2015 to March 2016, Vice President, Corporate FPA and
Americas Finance from March 2015 to November 2015, and Director,
Corporate Financial Planning and Analysis from May 2014 to March
2015. Prior to joining the Company, Mr. Seidel was employed at
Trinseo S.A., a global materials company, serving as Global
Finance Manager for its latex chemicals segment from 2011 to
2014. Previously, Mr. Seidel served as Plant Controller at
Anheuser-Busch InBev from 2006 to 2010. Mr. Seidel began his
finance and accounting career as a treasury intern at Exxon Mobil
Corporation in 2002, then served in various financial planning
and analysis roles of increasing responsibility at Air Products
and Chemicals, Inc. from 2003 to 2006. He holds a B.S. degree in
Mechanical Engineering from Stanford University and an MBA from
Cornells Johnson School.>
agreement (the Agreement) with Mr. Seidel. Under the Agreement,
Mr. Seidel will receive a base salary at the rate of $265,000 per
year and is eligible to participate in the Companys bonus and
equity award program, with a target award value of at least 40%
and 75%, respectively, reflected as a percentage of his base
salary beginning with the 2017 performance period. to the
Agreement, in the event Mr. Seidels employment is terminated by
the Company other than for cause or disability or by Mr. Seidel
for good reason (as such terms are defined in the Agreement), Mr.
Seidel will be entitled to receive severance equal to his annual
base salary, payable in approximately equal installments over a
12-month period (provided that he has executed and not revoked a
general release of claims and covenant not to sue in favor of the
Company and complies with certain non-competition restrictions),
and any outstanding and unvested stock options and restricted
stock units will become fully vested as of the date of
termination. In addition, by virtue of his appointment as an
executive officer, Mr. Seidel will be covered by the Companys
Amended and Restated Change in Control Severance Policy, which
policy is described in the Companys 2015 proxy statement filed
with the Securities and Exchange Commission on April 10, 2015.
qualified in its entirety by reference to the text of the
Agreement, which is filed with this report as Exhibit 10.1, and
is incorporated herein by reference.
and is incorporated herein by reference.
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Exhibit Number
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Description
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10.1
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Employment Agreement between FARO Technologies, Inc.
and Robert Seidel, dated as of December 21, 2016 |
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99.1
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Press release dated December 16, 2016
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About FARO TECHNOLOGIES, INC. (NASDAQ:FARO)
FARO Technologies, Inc. designs, develops, manufactures, markets and supports software driven, three-dimensional (3-D) measurement, imaging and realization systems. The Company operates in three segments: Americas, Europe/Africa and Asia-Pacific. The Company sells its products through a direct sales force across a number of customers in a range of manufacturing, industrial, architecture, surveying, building construction and law enforcement applications. Its FaroArm, FARO Laser ScanArm, FARO Gage, FARO Laser Tracker, FARO Cobalt Array 3D Imager AMP, and their companion CAM2 software provide for Computer-Aided Design (CAD)-based inspection and/or factory-level statistical process control and surveying. The Company’s FARO Focus3D and FARO Freestyle3D laser scanners, and their companion SCENE, FARO public safety software and FARO 3D software, are utilized for a variety of 3D modeling, documentation and high-density surveying applications. FARO TECHNOLOGIES, INC. (NASDAQ:FARO) Recent Trading Information
FARO TECHNOLOGIES, INC. (NASDAQ:FARO) closed its last trading session down -0.20 at 36.50 with 42,747 shares trading hands.
