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Quotes & Info
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| SGRP > SEC Filings for SGRP > Form 8-K on 27-Nov-2007 | All Recent SEC Filings |
27-Nov-2007
Change in Directors or Principal Officers, Termination of a Material Definitive Ag
Resignation of Charles Cimitile as Chief Financial Officer
On November 20, 2007, Mr. Charles Cimitle, Chief Financial Officer of SPAR Group, Inc., the registrant ("SGRP" or the "Corporation"), gave written notice to the Chief Executive Officer of the Corporation that he is resigning as Chief Financial Officer, Treasurer and Secretary of the Corporation, effective with the close of business on December 7, 2007, in order to accept a position with another company.
James R. Segreto, Vice President and Controller of the Corporation, will act as Chief Financial Officer and Treasurer of the Corporation in accordance with the Corporation's By-Laws until a permanent replacement is named by the Board of Directors of the Corporation.
Gary S. Raymond, Chief Executive Officer and President of the Corporation, will act as Secretary of the Corporation in accordance with the Corporation's By-Laws until a permanent replacement is named by the Board of Directors of the Corporation.
Termination of Change in Control Severance Agreement of Charles Cimitile
In connection with the resignation of Charles Cimitile as Chief Financial Officer, his Change in Control Severance Agreement with the Corporation dated as of June 4, 2007 (the "CICSA"), will terminate in accordance with its terms when his resignation takes effect, and no payments will be due to Mr. Cimitile thereunder as a result of his resignation or his CICSA's termination. The terms of Mr. Cimitile's CICSA are described in the Corporation's Current Report on Form 8-K on June 6, 2007.
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