UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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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 August 5, 2023, Casa Systems, Inc. (the “Company”) appointed Philip E. Paro, Jr. to serve as the Company’s principal accounting officer and to the positions of Vice President and Chief Accounting Officer, effective as of September 5, 2023 the (“Effective Date”). Edward Durkin, the Company’s Chief Financial Officer and principal accounting officer, will no longer serve as the principal accounting officer effective as of the Effective Date, but will remain the Company’s Chief Financial Officer.
In connection with Mr. Paro’s appointment as Vice President and Chief Accounting Officer, the Company entered into an offer letter (the “Paro Agreement”) which provides for a starting annual base salary of $285,000.04, a yearly discretionary performance bonus, with the target amount being 40% of Mr. Paro’s base salary, and, subject to the approval of the Compensation Committee of the Board of Directors of the Company, a one-time sign-on equity award consisting of $101,000 of restricted stock units of common stock of the Company, subject to the terms and conditions of the Company’s 2017 Stock Incentive Plan and the applicable restricted stock unit agreement. Mr. Paro will also be eligible to participate in the Company’s sponsored benefits provided to other Company employees of similar rank and tenure, subject to the terms and conditions of such policies and programs.
The foregoing summary of the Paro Agreement is qualified in its entirety by reference to the full Paro Agreement filed herewith as Exhibit 10.1 and incorporated by reference herein.
Prior to joining the Company, Mr. Paro, age 41, served as Director, Global Controller at The Tomorrow Companies, d/b/a Tomorrow.io, since May 2022. From January 2021 until May 2022, Mr. Paro served as the Worldwide Controller for Fuze until and immediately following its acquisition by 8x8 (NASDAQ: EGHT). Prior to that, he was the Director and then Senior Director, Revenue Operations at Actifio from January 2017 until January 2021, until its acquisition by Google Cloud. He also previously served in financial positions at Fleetmatics (NYSE: FLTX) until its acquisition by Verizon, Hologic (NASDAQ: HOLX), and Acme Packet (NASDAQ: APKT) until its acquisition by Oracle. He earned a bachelor of science in accounting and a master of science in administrative studies from Boston College.
Mr. Paro has no family relationship with any of the executive officers or directors of the Company. There are no arrangements or understandings between Mr. Paro and any other person pursuant to which he is being appointed as the principal accounting officer of the Company.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number |
Description | |
| 10.1 | Offer Letter, dated August 4, 2023, by and between the Registrant and Philip Paro. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CASA SYSTEMS, INC. | ||||||
| Date: August 10, 2023 | By: | /s/ Edward Durkin | ||||
| Edward Durkin Chief Financial Officer | ||||||