UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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 part of his previously announced transition from Chief Financial Officer, Sajid Malhotra and Limelight Networks, Inc. (“Limelight”) entered into a transition agreement and employment agreement amendment (the “Transition Agreement”) yesterday.
“Sajid has been a trusted colleague for over six years. He will be leaving the company with my thanks and deep appreciation for his many contributions. His influence and involvement with our Leadership Team has been instrumental in the advancement of Limelight’s strategy and financial results,” said Bob Lento, Chief Executive Officer of Limelight Networks.
Under the terms of the Transition Agreement, Mr. Malhotra will remain with Limelight in his current capacity until March 31, 2021, his current outstanding equity awards will continue to vest through September 1, 2021, and he will be entitled to exercise outstanding vested options until the first to occur of: (i) the one-year anniversary of his separation date or (ii) the applicable scheduled expiration date of such award as set forth in the award agreement. He will also be reimbursed for premiums paid for continued health benefits under Limelight’s health plan until the earlier of December 31, 2021, or the date upon which he and his eligible dependents become covered under similar plans.
The foregoing description of the Transition Agreement is qualified in its entirety by reference to the Transition Agreement.
SIGNATURES
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.
| LIMELIGHT NETWORKS, INC. | ||||||||||||||
| Dated: November 12, 2020 | By: | /s/ Michael DiSanto | ||||||||||||
Michael DiSanto Chief Administrative and Legal Officer & Secretary | ||||||||||||||