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| QEPC > SEC Filings for QEPC > Form 8-K on 12-Aug-2008 | All Recent SEC Filings |
12-Aug-2008
Termination of a Material Definitive Agreement, Change in Directors or Principal Offic
As disclosed in Item 5.02 below, in conjunction with Stuart F. Fleischer's termination of employment with Q.E.P. Co., Inc. (the "Company") as its Chief Financial Officer, Senior Vice President and Treasurer effective August 7, 2008, the Employment Letter Agreement between the Company and Mr. Fleischer dated July 14, 2006 (the "Employment Agreement") was terminated effective August 7, 2008. Pursuant to the terms of the Employment Agreement, Mr. Fleischer will be entitled to: (i) thirty days compensation based on his current base salary, or $25,000, (ii) six months compensation based on his current base salary, or $150,000, (iii) the final installment of his fiscal year 2008 bonus payment, or $25,000 and (iv) payment for four weeks accrued unused vacation time for the current year, or $23,077.
The preceding summary of Mr. Fleischer's Employment Agreement is qualified in its entirety by the full text of such agreement, a copy of which is filed with the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on October 23, 2006 and incorporated herein by reference.
On August 7, 2008, Stuart F. Fleischer's employment with the Company as its Chief Financial Officer, Senior Vice President and Treasurer, terminated.
On August 8, 2008, the Company appointed Richard A. Brooke, 60, to serve as the Company's Chief Financial Officer, Senior Vice President and Treasurer, effective immediately. Mr. Brooke has served as a Senior Vice President of the Company since January 2006. Mr. Brooke was an independent management consultant providing strategic and financial planning, restructuring and technology solution services from 1989 to 2006. Prior to 1989, Mr. Brooke was the Chief Financial Officer of Sahlen & Associates, Inc., a leading U.S. provider of security services; Chief Financial Officer of Biogen, Inc., a global biotechnology leader; and a Partner with Deloitte Haskins & Sells, a worldwide audit, tax and consulting professional services firm.
On August 12, 2008, the Company issued a press release announcing the appointment by the Board of Directors on August 8, 2008 of Richard A. Brooke, 60, to serve as the Company's Chief Financial Officer, Senior Vice President and Treasurer, effective immediately.
A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
(c) Exhibits
As described in Item 5.02 of this Report, the following Exhibit is furnished as part of this Current Report on Form 8-K:
Exhibit No. Description
99.1 Press release by Q.E.P. Co., Inc. dated August 12, 2008.
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