Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers, Compensatory Arrangements of Certain Officers.
On
The Company's board of directors (the "Board"), upon the recommendation of the
Compensation Committee of the Board (the "Compensation Committee"), approved the
terms of the Employment Agreements. The Employment Agreements are effective as
of
In the event an executive is terminated without cause, the executive will receive a single cash payment equal to the sum of (i) the executive's annual base salary on the date his employment terminates, (ii) the average annual cash bonus paid to the executive for the previous two years and (iii) the average amount granted to the executive under the Company's equity incentive plan for the previous two years. In addition, if the executive resigns for good reason following a change in control of the Company, the executive shall receive a single cash payment equal to the sum of (i) two times the executive's annual base salary on the date the change in control occurs, (ii) two times the average annual cash bonus paid to the executive for the previous two years and (iii) two times the average amount granted to the executive under the Company's equity incentive plan for the previous two years.
The foregoing description of the Employment Agreements is not complete and is qualified in all respects by reference to the respective Employment Agreements filed as Exhibits 10.1, 10.2 and 10.3 to this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number Description 10.1 Executive Employment Agreement, datedFebruary 1, 2018 , by and betweenCity Office Management Ltd. andJames Farrar 10.2 Executive Employment Agreement, datedFebruary 1, 2018 , by and betweenCity Office Management Ltd. andGregory Tylee 10.3 Executive Employment Agreement, datedFebruary 1, 2018 , by and betweenCity Office Management Ltd. andAnthony Maretic
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