On December 10, 2019, Michael L. Gettle announced that he is leaving the company and therefore resigning as our President, Chief Operating Officer and Secretary and as a director on our Board of Directors, effective immediately. We and Mr. Gettle entered into a Separation Agreement and Release (the “Separation Agreement”). The Separation Agreement provides that, if Mr. Gettle does not revoke his acceptance of the Separation Agreement within the applicable seven-day revocation period, (a) Mr. Gettle will receive his base salary for a period of eighteen (18) months and (b) Mr. Gettle will be entitled to continued health insurance coverage under our group health plan on the same terms as provided to our other executives until such date as Mr. Gettle reaches the age of 65. In the event of certain future corporate transactions, Mr. Gettle will be entitled to receive a lump sum payment equal to the then remaining severance and health insurance benefits, if any. The Separation Agreement contains a mutual release that is binding upon us and Mr. Gettle.

The foregoing is a summary only and does not purport to be a complete description of all of the terms, provisions, covenants and agreements contained in the Separation Agreement, and is subject to and qualified in its entirety by reference to the complete text of the Separation Agreement, a copy of which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2019.

On December 11, 2019, we issued a press release announcing Mr. Gettle’s departure. A copy of the press release is filed as Exhibit 99.1 hereto and is incorporated herein by reference.