Other Information
−Removed: On May 14, 2021, our Board of Directors terminated the Telos ID Sale Bonus Plan (“Telos ID Plan”).
−Removed: purpose of the Telos ID Plan was to provide a long-term incentive program to motivate key executives of Telos ID to participate in the value creation of Telos ID and enjoy the benefits of participation in future increases in the value of Telos ID and
−Removed: its underlying assets.
−Removed: Prior to the IPO, we had a 50% ownership interest in Telos ID.
−Removed: Participants in the Telos ID Plan were
−Removed: entitled to a payment upon the transfer for value of all of the Company’s ownership interest in Telos ID or upon the occurrence of a “Sale” (as defined in the Telos ID Plan) of Telos ID if the value of Telos ID at the time of such transaction was at
−Removed: least $50 million.
−Removed: Upon a transfer of our ownership interest, the bonuses payable under the Telos ID Plan would have equaled 2.5% of the value of Telos ID (as defined by the Telos ID Plan) up to $85 million, plus 4% of the of the value of Telos ID in
−Removed: excess of $85 million.
−Removed: Upon a Sale, the bonuses payable would have amounted to 5% of the proceeds up to $85 million, plus 8% of the proceeds in excess of $85 million.
−Removed: If the Sale occurred after the transfer of ownership, the bonuses payable would
−Removed: have been 5% of the proceeds up to $85 million, plus 8% of the proceeds in excess of $85 million, less any bonuses already paid as part of any prior transfer of Telos’ ownership interests.
−Removed: The total bonuses payable upon a transfer of interest or Sale
−Removed: would have been allocated as follows:
−Removed: (i) 50% of the total to the President of Telos ID;
−Removed: and (ii) 50% to other participants as determined by the President of Telos ID.
−Removed: Both of these allocations would have been subject to approval by the Chairman of
−Removed: our Board of Directors.
−Removed: In connection with the IPO, we purchased the 50% ownership interest in Telos ID that we did not already
−Removed: As a result of our ownership of 100% of Telos ID, the Board of Directors decided to terminate the Telos ID Plan.
−Removed: Employees of Telos ID who would have been eligible to participate in the Telos ID Plan, including the President of Telos ID,
−Removed: participate in the Telos Corporation 2016 Omnibus Long-Term Incentive Plan.
Description of Exhibit
−Removed: Forms of Indemnification Agreement between the Company and 16 of its directors and executive officers
+Added: Executive Employment Agreement between Mark Bendza and the Company, dated as of July 19, 2021 (Incorporated by reference to Exhibit 10.1 filed with the Company's Current Report on Form 8-K on July 19, 2021)
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
2 unchanged sentences
Section 1350, as Adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
−Removed: XBRL Instance Document
−Removed: XBRL Taxonomy Extension Schema
−Removed: XBRL Taxonomy Extension Calculation Linkbase
−Removed: XBRL Taxonomy Extension Definition Linkbase
+Added: 101.INS** XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
+Added: 101.SCH** XBRL Taxonomy Extension Schema
+Added: 101.CAL** XBRL Taxonomy Extension Calculation Linkbase
+Added: 101.DEF** XBRL Taxonomy Extension Definition Linkbase
+Added: 101.LAB** XBRL Taxonomy Extension Label Linkbase
+Added: 101.PRE** XBRL Taxonomy Extension Presentation Linkbase
+Added: 104** Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document contained in Exhibit 101
+Added: * constitutes a management contract or compensatory plan or arrangement
+ filed herewith
−Removed: ** in accordance with Regulation S-T, the XBRL-related information in Exhibit 101
−Removed: to this Quarterly Report on Form 10-Q shall be deemed to be “furnished” and not “filed”
−Removed: Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
−Removed: signed on its behalf by the undersigned thereunto duly authorized.
−Removed: TELOS CORPORATION
+Added: ** in accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall be deemed to be “furnished” and not “filed”
+Added: 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 thereunto duly authorized.
+Added: August 16, 2021 TELOS CORPORATION
Chief Executive Officer (Principal Executive Officer)
−Removed: /s/ Michele Nakazawa
−Removed: Michele Nakazawa
+Added: /s/ Mark Bendza
Chief Financial Officer (Principal Financial and Accounting Officer)
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.