secwatch.observer — SEC 8-K summary
======================================

Issuer:     FARO TECHNOLOGIES INC (—)
CIK:        0000917491
Form:       8-K/A
Filed at:   2023-05-18T23:59:59+00:00
Accession:  0001628280-23-018804
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

FARO CEO Michael Burger to retire July 1; transition agreement provides advisory role through June 2024
--------------------------------------------------------------------------------

- Burger will remain CEO through June 30, 2023, then serve as Strategic Advisor until June 30, 2024.
- Burger resigned from the Board effective May 12, 2023; no disagreement cited.
- During transition, Burger continues base salary; eligible for 2023 and prorated 2024 STIP bonuses subject to release.
- Outstanding equity awards continue vesting during transition; acceleration triggers include termination without cause or change in control.
- If terminated without cause before June 30, 2024, Burger receives lump-sum salary through that date, COBRA, and accelerated vesting.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/917491/000162828023018804/0001628280-23-018804-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/917491/000162828023018804/faro-20230503.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-018804

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer