CEO David Sipes resigns as director; separation provides $363,300 lump sum, equity acceleration

8X8 INC /DE/

David Sipes resigned as director effective Nov 30, 2022; employment terminated same day as constructive termination.
Lump sum severance of $363,300 comprising 50% base salary ($273,000) and prorated bonus ($90,300).
COBRA premium reimbursement for 18 months; vesting accelerated by 24 months on time-based equity awards.
Additional full acceleration of unvested equity if change-in-control occurs within 3 months after termination.
Employee agrees to cooperate with company in winding up work and defending third-party actions.

item 5.02 item 9.01

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Departed

David Sipes

Director

EGHT · 8X8 INC /DE/

Effective: 2022-11-30
Filed: December 7, 2022, 6:59 PM ET

On December 1, 2022, in connection with the previously announced termination by 8x8, Inc. (the “Company”) of its employment relationship with David Sipes, the Company’s prior Chief Executive Officer, Mr. Sipes resigned as a director of the Company effective as of 12:01 a.m. Pacific Time on November 30, 2022.

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Executive change SEC 8-K Item 5.02 confidence 0.95

David Sipes resigned as Director at 8X8 INC /DE/.

Action: resigned
Role: Director

Exact text from the filing

On December 1, 2022, in connection with the previously announced termination by 8x8, Inc. (the “Company”) of its employment relationship with David Sipes, the Company’s prior Chief Executive Officer, Mr. Sipes resigned as a director of the Company effective as of 12:01 a.m. Pacific Time on November 30, 2022.

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Source: SEC EDGAR

accession 0001023731-22-000231

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