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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.
On June 8, 2021, the Board of Directors (the “Board”) of Volt Information Sciences, Inc. (the “Company”) approved certain adjustments to the compensation of the Company’s President & Chief Executive Officer, Linda Perneau, and on June 7, 2021, the Compensation Committee of the Board (the “Compensation Committee”) approved certain adjustments to the compensation of Herbert Mueller, Senior Vice President and Chief Financial Officer, and Nancy Avedissian, Senior Vice President, Chief Legal Officer and Corporate Secretary.
Mr. Mueller’s annual base salary was increased from $450,000 to $465,000, with his target annual bonus of 80% of base salary under the Company’s Annual Incentive Plan remaining unchanged. Ms. Avedissian’s annual base salary was increased from $400,000 to $420,000, and her target annual bonus opportunity under the Company’s Annual Incentive Plan was increased from 60% to 75% of her new base salary. Other than the foregoing, the terms and conditions of Mr. Mueller’s and Ms. Avedissian’s employment agreements with the Company remain unchanged. The Compensation Committee also approved an increase in the grant date value of Mr. Mueller’s long-term equity incentive award for 2021 from 83% to 120% of his new base salary.
Ms. Perneau’s annual base salary was increased from $700,000 to $750,000, with her target annual bonus of 100% of base salary under the Company’s Annual Incentive Plan remaining unchanged. The Board approved an increase in the grant date value of Ms. Perneau’s long-term equity incentive award for 2021 from 186% to 240% of her new base salary.
Other than the foregoing, the terms and conditions of Ms. Perneau’s current employment, as outlined in the Employment Agreement between Ms. Perneau and the Company dated as of December 4, 2018, and as amended December 30, 2019, remain unchanged.
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.
Volt Information Sciences, Inc.
|Date: June 11, 2021||By:||/s/ Nancy Avedissian|
Senior Vice President, Chief Legal Officer and Corporate Secretary