Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The Company's Board of Directors ("Board") appointed Chairman of the Board, Mark Sieczkarek to serve as the Company's Interim President and Chief Executive Officer effective August 6, 2013.
On August 22, 2013, the Compensation Committee of the Board of Directors approved the compensation arrangement for Mr. Sieczkarek for such time as he serves as Interim President and Chief Executive Officer, consisting of a salary to be paid monthly based on an annual salary of $470,000. Such salary is to be paid one-half in cash and one half in restricted stock units under the Company's 2006 Equity Incentive Plan (with the monthly payment in cash and restricted stock units to be prorated if the last day of service occurs other than on the last day of a calendar month). Each monthly award of restricted stock units pursuant to this compensation arrangement vests on the one-year anniversary of the last day of the month for which such compensation was paid (or of the last day of service, if not the last day of a calendar month) with such vesting to be accelerated in full in the event of a Change in Control of the Company, as such term is defined in the 2006 Equity Incentive Plan.