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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 reported in the Current Report on Form 8-K of Everspin Technologies, Inc. (the “Company”) filed on December 15, 2020 with the U.S. Securities and Exchange Commission (the “SEC”), on December 14, 2020, Kevin Conley notified the Board of Directors (the “Board”) of the Company of his decision to resign as President and Chief Executive Officer of the Company, effective January 30, 2021. In connection with Mr. Conley’s resignation, on December 22, 2020, the Company and Mr. Conley entered into a separation agreement (the “Separation Agreement”) that provides Mr. Conley, in exchange for signing a general release of claims in favor of the Company, with the payments and benefits he would be entitled to under his employment agreement with the Company for a termination “Without Cause” or resignation for “Good Reason”. Mr. Conley’s employment agreement with the Company was previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on August 23, 2017. Additionally, on December 21, 2020, Mr. Conley resigned from the Board, effectively immediately, in accordance with the Separation Agreement.
The foregoing description of the Separation Agreement is not complete and is qualified in its entirety by reference to the full text of the Separation Agreement, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
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.
|Everspin Technologies, Inc.|
|Dated: December 22, 2020|
|By:||/s/ Daniel Berenbaum|
|Chief Financial Officer|