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Quotes & Info
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| IBI > SEC Filings for IBI > Form 8-K on 21-Oct-2008 | All Recent SEC Filings |
21-Oct-2008
Change in Directors or Principal Officers, Other Events
On October 20, 2008, Kenneth D. Sweder was named Executive Vice President and Chief Operating Officer of Interline Brands, Inc., a Delaware corporation (the "Company").
Mr. Sweder will manage the Company's merchandising, inventory and distribution activities, and will direct the sales and marketing efforts of certain key brands.
In connection with his promotion, the Company and Mr. Sweder entered into a First Amendment to Employment Agreement, First Amendment to Change in Control Severance Agreement, and Restricted Share Unit Agreement. Mr. Sweder will receive an initial base salary of $350,000 and is eligible for a target bonus of 75% of his base salary. Mr. Sweder was also awarded 40,551 restricted share units, which will vest only upon achieving certain performance-based targets over a period of time or upon a change in control of the Company. The severance payment for termination by the Company without cause was also increased from 12 to 18 months' base salary. Mr. Sweder also agreed to an extension of his non-competition restriction from 1 to 2 years, and an extension of his employee non-solicitation restriction from 2 to 3 years.
Michael J. Grebe, Chairman and Chief Executive Officer, was also appointed as President of the Company so as to comply with the Company's Amended and Restated By-laws.
On October 20, 2008, the Company issued a press release announcing that Mr. Sweder was named as Executive Vice President and Chief Operating Officer of the Company. A copy of the press release is attached hereto as Exhibit 99.1, and is incorporated herein in its entirety by reference.
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