ITEM 5.02 RESIGNATION OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATION AGREEMENTS OF CERTAIN OFFICERS
On March 15, 2022, Lee Belitsky, executive vice president who oversees the company’s real estate, supply chain and gamechangers, announced his intention to retire from his position effective May 1, 2022. The Company and Mr. Belitsky have a two-year consulting agreement under which he will continue to serve as the Company’s representative on the board of directors of an independent technology company without additional compensation and may also provide additional services from time to time for fees equal to his current base salary. Mr. Belitsky may also participate in Company healthcare services during the consultation period.
Mr. Belitsky is subject to the Company’s standard non-compete and confidentiality agreement, which will remain in effect for up to one year after the end of the consultation period. Mr. Belitsky may terminate the Consulting Agreement at any time, and the Company may terminate the Agreement for misconduct, unsatisfactory performance, material breach of the Consulting Agreement, material breach of the Company’s non-competition clause and confidentiality agreement, or material violation of the Company’s policies.
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