HARMONIC INC. (NASDAQ:HLIT) 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
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory. |
Harold Coverts intention to resign as the Chief Financial Officer
of the Company. This resignation will be effective on the later
of the date that Harmonics annual report on Form 10-K for 2016 is
filed with the Securities and Exchange Commission or the date
that the Company hires a new Chief Financial Officer. In
connection with this transition, the Company entered into a
letter agreement with Mr. Covert that provides for a onetime
retention bonus equal to six months of his base salary (less
applicable withholdings), subject to the following conditions:
(1) Mr. Coverts continued employment with the Company through the
later of (i) the date the Company files with the Securities and
Exchange Commission its 2016 annual report on Form 10-K or (ii)
the date the Company hires a new Chief Financial Officer; (2) Mr.
Covert performing certain duties as mutually agreed with the
Chief Executive Officer of the Company until the first condition
is achieved; (3) Mr. Coverts execution of a release agreement
that becomes effective and irrevocable no later than 60 days
following the date the first condition is achieved; and (4) Mr.
Covert being reasonably available to provide transition
assistance to the Company during such 60 day period.
not purport to be complete and is qualified in its entirety by
reference to the full text of the letter agreement, a copy of
which is filed as Exhibit 10.1 to this Current Report on Form
8-K, and is incorporated herein by reference.
attached hereto as Exhibit 99.1. The information in the press
release attached hereto as Exhibit 99.1 attached hereto is being
furnished and shall not be deemed filed for the purposes of
Section 18 of the Exchange Act, or otherwise subject to the
liabilities of that Section, and Exhibit 99.1 furnished herewith
shall not be incorporated by reference into any filing by
Harmonic under the Securities Act or under the Exchange Act.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit No.
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Description
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10.1
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Transition letter agreement dated December 12, 2016.
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99.1
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Press release of Harmonic Inc. dated December 13, 2016,
entitled Harmonic Announces CFO Transition. |
About HARMONIC INC. (NASDAQ:HLIT)
Harmonic Inc. (Harmonic) designs, manufactures and sells video infrastructure products and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers. Its Cable Edge business sells cable edge solutions and related services to cable operators. The Video segment offers software-based media processing platforms. The products in the video segment include video processing solutions, and video production platforms and playout solutions. The Cabled Edge segment offers products, including edge quadrature amplitude modulation (QAM) products, centralized converged cable access platform (CCAP) Solution and Distributed CCAP Solution. HARMONIC INC. (NASDAQ:HLIT) Recent Trading Information
HARMONIC INC. (NASDAQ:HLIT) closed its last trading session down -0.35 at 4.85 with 453,464 shares trading hands.
