Until the Company’s 2024 annual meeting of stockholders, or until his earlier death, resignation, or removal, Mr. Karros will be a member of the class of directors. Mr. Karros was immediately appointed as a member of the Board’s Audit Committee in conjunction with his nomination to the Board.
Mr. Karros will be paid in line with the Company’s non-employee director remuneration scheme as a non-employee director. In accordance with this program, Mr. Karros was granted restricted stock units with a grant date fair value of $300,000 (the Initial Award) on the date of his appointment to the board. These units will vest in three equal annual installments on the anniversary of his appointment, provided he continues to serve the company through such dates. Mr. Karros is qualified to receive a $55,000 yearly cash retainer for his work as a board member.
Mr. Karros’ appointment as a member of the Board was not the result of any agreements or understandings with any other individual.
