UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
As previously reported, Howard Morof will cease to serve as our chief financial officer as of the close of business on March 16, 2021, at which time he will cease to be employed by us.
In connection with the termination of Mr. Morof’s services, we entered into a transition and separation and general release agreement with him on January 15, 2021 (the “Separation Agreement”). In substantial part, the terms of the severance payable under the Separation Agreement are governed by the terms of Mr. Morof’s employment letter dated January 10, 2013 as amended on July 19, 2017 (the “Employment Agreement”).
As contemplated by the Employment Agreement, the Separation Agreement provides, among other things, for Mr. Morof to receive the following:
| • | continuation of his regular base salary, equal to the annual sum of $325,000, in biweekly installments for twelve months after the date of termination of employment (the “Termination Date”); |
| • | his bonus for 2020 (as yet undetermined), if not paid prior to the Termination Date; |
| • | a pro-rated cash bonus for the period from January 1, 2021 through March 16, 2021, based on the average cash bonuses received by Mr. Morof for 2019 and 2020; and |
| • | COBRA premiums for medical, dental, and vision employee benefit programs, on the same basis as his current joint spousal coverage election, through the twelve-month anniversary of the Termination Date. |
In addition, the Separation Agreement contemplates that any outstanding unvested stock options and restricted stock units held by Mr. Morof shall vest to the extent that such stock options and restricted stock units would have vested had Mr. Morof remained employed with us through the one-year anniversary of the Termination Date.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ALTAIR ENGINEERING INC. | ||||||
| Date: January 19, 2021 | By: | /s/ Raoul Maitra | ||||
| Raoul Maitra | ||||||
| Chief Legal Officer | ||||||