VIOLIN MEMORY, INC. (OTCMKTS:VMEM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Compensatory Arrangements of Certain Officers.
On November 19, 2016, the Board of Directors of Violin Memory, Inc. (“Violin”) approved the award of a bonus payment of $150,000.00 to Cory J. Sindelar, Violin’s Chief Financial Officer (the “Bonus”). The Bonus was awarded to Mr. Sindelar as the result of significant additional responsibilities recently assumed by him and his recent professional performance and anticipated contributions to Violin including, among other things, leading Violin’s ongoing internal restructuring efforts to reduce expenses and his important contributions to Violin’s ongoing consideration of strategic alternatives.
The terms and conditions of the Bonus are set forth in a letter agreement between Violin and Mr. Sindelar (the “Letter Agreement”), which will be filed as an exhibit to Violin’s quarterly report on Form 10-Q for the period ended October 31, 2016. The material terms of the Letter Agreement are summarized below.
In consideration for the Bonus, Mr. Sindelar agreed to remain employed by Violin and to continue to perform services for and provide good faith assistance to Violin in connection with ongoing matters through an earned date which will be no later than January 31, 2017.
In the event that Mr. Sindelar’s employment by Violin terminates prior to the earned date for any reason other than a termination of Mr. Sindelar’s employment by Violin without cause, Mr. Sindelar is required to repay the net amount of the Bonus paid to him ($150,000 less taxes withheld) to Violin within thirty (30) days following the date of his termination. If Mr. Sindelar’s employment is terminated by Violin without cause prior to the earned date, the Bonus will be considered earned as of his termination date and Mr. Sindelar will not be required to repay the Bonus to Violin.
About VIOLIN MEMORY, INC. (OTCMKTS:VMEM)
Violin Memory, Inc. offers a class of flash-based storage solutions to bring storage performance in line with high-speed applications, servers and networks. The Company’s Flash Storage Platform is designed at each level of the system architecture to leverage the inherent capabilities of flash memory and meet the requirements of business-critical applications, virtualized environments and Big Data in enterprise data centers. The Flash Storage Platform is a vertically integrated design of software, firmware and hardware, which runs the Company’s Concerto OS 7, a single operating system with integrated continuous data protection, in-line block de-duplication and compression, stretch metro cluster and logical unit number (LUN) mirroring, as well as its suite of other Enterprise Data Services. Its products include 7300E Flash Storage Platform, 7600 Flash Storage Platform, 7700 Flash Storage Platform, 6000 Series All Flash Array and Symphony Management Suite Version 3.0. VIOLIN MEMORY, INC. (OTCMKTS:VMEM) Recent Trading Information
VIOLIN MEMORY, INC. (OTCMKTS:VMEM) closed its last trading session up +0.005 at 0.230 with 153,851 shares trading hands.