INOVALON HOLDINGS,INC. (NASDAQ:INOV) Files An 8-K Termination of a Material Definitive AgreementItem 1.02. Termination of a Material Definitive Agreement.
The disclosure contained in Item 5.02 of this Current Report on Form 8-K pertaining to Joseph R. Rostock’s Amended & Restated Employment Agreement, dated December 3, 2014, with Inovalon Holdings, Inc. (the “Company”), is incorporated herein by reference.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 28, 2017, Joseph R. Rostock’s employment as the Company’s Chief Technology Officer ended. Mr. Rostock will remain an employee of the Company through May 12, 2017 to assist in the transition of his functions to members of the Company’s Technology Department.
As a result of Mr. Rostock no longer being employed by the Company, the employment-related provisions of his Amended and Restated Employment Agreement, dated December 3, 2014, with the Company will be deemed terminated as of May 12, 2017. Mr. Rostock’s Amended and Restated Employment Agreement provides for the principal terms and conditions of his employment with the Company, including base salary, an indication of eligibility for an annual bonus opportunity, participation in the Company’s employee benefit plans as may be in effect from time to time, paid time off, and reimbursement of reasonable business expenses.
to Mr. Rostock’s Amended and Restated Employment Agreement, in connection with his departure, Mr. Rostock will receive a severance payment in the amount of $147,461.54, less applicable taxes and withholding and payable in accordance with the Company’s payroll practices, and subject to his execution of the Company’s standard form of separation and release agreement.