MRV COMMUNICATIONS, INC. (NASDAQ:MRVC) 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; Appointment
of Certain Officers; Compensatory Arrangements of Certain
Officers.
appointed Adam Scheer, 44, as its Chief Operating Officer. Mr.
Scheer has served as the Companys Senior Vice President of
Product Line Management Corporate Development since October 12,
2015.
President of Marketing and Product Management for the Optical
Security and Performance Products group of Viavi Solutions
(formerly JDSU). During nearly 15 years of service with Viavi
Solutions and its predecessor companies (which included American
Bank Note Holographics, Inc.), Mr. Scheer contributed to that
business growth in senior marketing, strategy, sales and product
management roles. In those roles, he developed and led
high-performing global teams with a strong record of achievement
of driving profitable growth and award-winning technical
innovation serving the needs of global customers. Prior to Viavi
Solutions, Mr. Scheer held executive corporate development,
strategy and finance roles in the technology and chemical
industries after starting his career in investment banking.
and any other persons to which he was selected as Chief Operating
Officer. There are also no family relationships between Mr.
Scheer and any director or executive officer of the Company and
he has no direct or indirect material interest in any transaction
required to be disclosed to Item 404(a) of Regulation S-K.
dated October 1, 2015 (the Letter Agreement), which was amended
on September 27, 2016 (the Amendment, and the Letter Agreement as
so amended, the Amended Letter Agreement). Notwithstanding Mr.
Scheers appointment as the Companys Chief Operating Officer, the
Amended Letter Agreement remains in effect.
compensation, the effect of a potential future termination event,
and other customary provisions regarding release of claims and
covenants related to confidentiality and non-disparagement. Mr.
Scheer receives a base salary at a current annual rate of
$260,000 and an annual target bonus opportunity equal to 50% of
his annual base salary. The Amended Letter Agreement does not
provide for employment for a specified term. If Mr. Scheers
employment is terminated without cause or for good reason (as
those terms are defined in the Amended Letter Agreement), he will
be entitled to reimbursement of up to 12 months COBRA premiums
and salary continuation of 12 months base salary, unless the
termination occurs after a change in control, in which case the
severance will be a lump sum payment equal to 12 months base
salary.
copy of the Amendment is attached as Exhibit 10.2 to this Current
Report on Form 8-K and are hereby incorporated by reference. This
summary does not purport to be complete and is subject to and
qualified in its entirety by reference to the text of the Amended
Letter Agreement.
|
Exhibit 10.1
|
Letter Agreement, dated as of October 1, 2015, by and
between the Company and Adam Scheer. |
|
Exhibit 10.2
|
Amendment to Letter Agreement, signed on September 27,
2016, by and between the Company and Adam Scheer. |
About MRV COMMUNICATIONS, INC. (NASDAQ:MRVC)
MRV Communications, Inc. (MRV) is a supplier of communications solutions to telecommunications service providers, enterprises and governments throughout the world. The Company’s products enable customers to provide high-bandwidth data, and video services and mobile communications services. The Company operates through Network Equipment segment. Its Network Equipment segment designs, manufactures, sells and services equipment used by commercial customers, governments and telecommunications service providers. Its products include switches, optical transport platforms, physical layer products and out-of-band management products, and specialized networking products. MRV markets and sells its products, through a range of channels, which include a direct sales force, manufacturers’ representatives, value-added-resellers, distributors and systems integrators. The Network Equipment business includes two business units: Optical Communications Systems division and Appointech, Inc. MRV COMMUNICATIONS, INC. (NASDAQ:MRVC) Recent Trading Information
MRV COMMUNICATIONS, INC. (NASDAQ:MRVC) closed its last trading session down -0.10 at 8.10 with 4,482 shares trading hands.
