Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
(b)
On November 5, 2020, James Mackaness, a partner at FLG Partners, LLC (“FLG Partners”), resigned from his position as Interim Chief Financial Officer of the Company, effective November 11, 2020. Mr. Mackaness did not resign as a result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
Fuad Ahmad was appointed by the Company’s Board of Directors as its Interim Chief Financial Officer, replacing Mr. Mackaness effective on November 11, 2020. Mr. Ahmad, 49, has been a partner at FLG Partners since January 2013 and has served as consulting Chief Financial Officer for multiple clients of FLG Partners. From November 2019 to August 2020. Mr. Ahmad served as Interim Chief Financial Officer of Cutera, Inc. Previously, Mr. Ahmad served on an FLG Partners assignment as Chief Financial Officer of Telenav, Inc., a listed enterprise software company focused on connected care and location-based services. From April 2016 to June 2018, Mr. Ahmad served as Chief Financial Officer of Quantum Corporation, a listed company focused on enterprise data storage and software defined storage workflows. From November 2015 to March 2016, Mr. Ahmad served on an FLG Partners assignment for Real Time Innovation, Inc., a private enterprise IoT software company. At Real Time Innovation, Mr. Ahmad served as an advisor to the board of directors and the chief executive officer as the company transitioned the business to subscription pricing. Prior to Real Time Innovation, Mr. Ahmad served on an FLG Partners assignment as Chief Financial Officer for Ensighten, Inc. from February 2013 until November 2015. From June 1996 to April 2012, Mr. Ahmad served in various positions with both public and private companies. Mr. Ahmad received a B.S. in Finance from Brigham Young University.
In connection with Mr. Ahmad’s appointment as the Company’s Interim Chief Financial Officer, the Company amended its consulting agreement (the “FLG Consulting Agreement”) with FLG Partners. Pursuant to the FLG Consulting Agreement, the Company will pay FLG Partners $400 per hour for Mr. Ahmad’s services to the Company for actual hours of service provided. The FLG Consulting Agreement with FLG Partners also requires the Company to indemnify Mr. Ahmad and FLG Partners in connection with the performance of services for the Company. The FLG Consulting Agreement has an indefinite term and is terminable by either party upon 30 days’ advance written notice.
Other than the indemnification described herein, Mr. Ahmad has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended, nor are any transactions currently proposed.
There are no family relationships between Mr. Ahmad and any of the Company’s directors or executive officers.