Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
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(b)
On May 14, 2019, Anne Marie Peters resigned as Immersions Interim Chief Financial Officer immediately and as Immersions
General Counsel effective May 31, 2019 to pursue other opportunities. Mr. Mike Okada will replace Ms. Peters as General Counsel effective June 10, 2019.
On May 14, 2019, Cal R. Hoagland, a partner in FLG Partners, LLC, a Silicon Valley chief financial officer services and board advisory
firm, was retained as the interim Chief Financial Officer of the Company. Mr. Hoagland will serve as the Companys interim Chief Financial Officer and principal financial and principal accounting officer until such time as the Company
completes its
on-going
search for a new Chief Financial Officer. The Company has retained a search firm and has begun the process of identifying qualified candidates.
Mr. Hoagland, age 62, has been a partner in and member of FLG Partners, LLC since May 2005. Mr. Hoagland has provided interim Chief
Financial Officer and interim financial executive services to a number of public and private technology companies while with FLG. Prior to FLG, Mr. Hoagland was CFO for several public technology companies. Earlier in his career he was a manager
with Coopers & Lybrand, now Price Waterhouse Coopers. Mr. Hoagland holds a B.S. in Accounting from San Jose State University.
In connection with Mr. Hoaglands becoming the Companys interim Chief Financial Officer and principal financial and accounting
officer, the Company entered into a consulting agreement with FLG Partners, LLC for the provision of Mr. Hoaglands services. Pursuant to the Companys consulting agreement with FLG Partners, LLC, FLG Partners, LLC will be paid at a
rate of $450 per hour.
The Companys consulting agreement with FLG Partners, LLC also requires the Company to indemnify
Mr. Hoagland and FLG Partners, LLC in connection with the performance of services for the Company. The consulting agreement has an indefinite term and is terminable by either party upon 30 days advance written notice.
The foregoing description of the consulting agreement with FLG Partners, LLC for Mr. Hoaglands services is qualified in its
entirety by reference to the full text of the consulting agreement, which will be filed as an exhibit to the Companys Quarterly Report on Form
10-Q
for the quarter ended June 30, 2019.