(e) Compensatory Arrangements of Certain Officers
Amendments to Change of Control Severance Agreements
On December 22, 2016, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of Quantenna Communications, Inc. (the “Company”) approved an amendment (the “CIC Amendment”) to the existing change of control and severance agreement (the “Existing Change of Control Agreement”) between the Company and each of Sean Sobers and David Carroll.
to the CIC Amendment to be entered into with each of Messrs. Sobers and Carroll, in the event of a Qualified Termination (as defined in the Existing Change of Control Agreement, as amended), each such Executive will be eligible to receive a lump sum severance payment equal to 50% of his target annual bonus for the fiscal year in which the Qualified Termination occurs, in addition to such other benefits as set forth in the Existing Change of Control Agreement between the Company and each such Executive, and subject to timely execution and non-revocation of a release of claims as set forth in the Existing Change of Control Agreement.
to the CIC Amendment to be entered into with Mr. Carroll, the circumstances in which he may receive severance benefits previously described under his Existing Change of Control Agreement defined as a Qualified Termination has been expanded to include a termination of his employment by Mr. Carroll for “good reason” for a material reduction of his base salary or target bonus opportunity in the aggregate or a material adverse change in the geographic location of his primary work location during the Change of Control Period (as defined in the Existing Change of Control Agreement), subject to Mr. Carroll’s timely execution and non-revocation of a release of claims as set forth in the Existing Change of Control Agreement.
The foregoing description of the CIC Amendments does not purport to be complete and is qualified in its entirety by reference to the full text of such agreements, copies of which will be filed with the Company’s Annual Report on Form 10-K for the year ending January 1, 2017.
About QUANTENNA COMMUNICATIONS, INC. (NASDAQ:QTNA) Quantenna Communications, Inc. is engaged in the design, development and marketing of wireless communication solutions enabling wireless local area networking. The Company’s solutions are designed to deliver wireless fidelity (Wi-Fi) performance to support various connected devices accessing a pool of digital content. The Company combines its wireless systems and software expertise with radio frequency, mixed-signal and digital semiconductor design skills to provide solutions to its customers. Its products include QSR10G, QSR2000, QSR1000, QHS710 and MAUI. The Company offers its products for home networking applications, including home gateways, repeaters, and set-top boxes. Its solutions portfolio consists of various generations of its radio frequency chip and its digital baseband chip, which together support the Institute of Electrical and Electronics Engineers (IEEE) Wi-Fi standards, including 802.11n and 802.11ac.
QUANTENNA COMMUNICATIONS, INC. (NASDAQ:QTNA) Recent Trading Information QUANTENNA COMMUNICATIONS, INC. (NASDAQ:QTNA) closed its last trading session down -0.02 at 18.19 with 61,735 shares trading hands.
