SEC Filings

QUANTUM CORP /DE/ filed this Form 8-K on 02/04/2019
Entire Document

Change of Control: Mr. Moorehead has entered into a Change of Control Agreement with the Company (the “Change of Control Agreement”), under which, if a Change of Control of the Company occurs and within 12 months following the Change of Control, Mr. Moorehead’s employment with the Company ends as a result of an Involuntary Termination (as each such term is defined in the Change of Control Agreement), the Company will provide to Mr. Moorehead the following severance payments and benefits:



a lump sum cash payment equal to twelve (12) months of his then-annual base salary and target bonus,



100% accelerated vesting of his then-outstanding equity awards, and



Reimbursement of premiums for twelve (12) months continued COBRA coverage for Mr. Moorehead and his eligible dependents (or such earlier date that Mr. Moorehead is no longer eligible for COBRA), subject to the terms set forth in the Change of Control Agreement.

The severance payments are subject to Mr. Moorehead entering into and not revoking a release agreement in substantially the form attached to the Change of Control Agreement following his termination.

There are no arrangements or understandings between Mr. Moorehead and any other persons pursuant to which he was selected as Chief Accounting Officer. There are no family relationships between Mr. Moorehead 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 pursuant to Item 404(a) of Regulation S-K.