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| FINL > SEC Filings for FINL > Form 8-K/A on 14-Apr-2009 | All Recent SEC Filings |
14-Apr-2009
Change in Directors or Principal Officers, Financial Statements and Exhibi
On March 24, 2009, The Finish Line, Inc. (the "Company") filed a Current report on Form 8-K to report the appointment by the Board of Directors of Edward W. Wilhelm as the Company's Executive Vice President and Chief Financial Officer. At that time the terms of Mr. Wilhelm's employment agreement had not yet been finalized. The Company is filing this Amendment to the Current Report of Form 8-K filed on March 24, 2009, to report that the terms of that agreement have now been finalized.
On April 9, 2009, the Company entered into an employment agreement with Edward W. Wilhelm. The summary below provides a brief description of the terms and conditions of the agreement.
Summary of Key Provisions of the
Employment Agreement for Edward W. Wilhelm
Term The term of Mr. Wilhelm's employment agreement
commences on March 30, 2009 and extends to
December 30, 2009. The term is subject to
automatic renewal for additional 1-year periods
unless the Company or Mr. Wilhelm gives notice
of non-renewal at least 180 days before the
next extension date.
Base Salary; Mr. Wilhelm's base salary is $300,000. Mr.
Bonus Wilhelm is eligible to participate in the
Participation annual and long-term incentive bonus
compensation programs and employee benefit
plans available to other executives.
Rights Upon In this event Mr. Wilhelm will be entitled to
Non-Renewal the following severance benefits: (i) base
of Employment salary for one year; (ii) health insurance for
Agreement, one year; and (iii) the current year bonus
Coupled with based on days of service during the year and
Termination actual performance for the year.
(not due to
"cause")
Rights Upon In this event Mr. Wilhelm will be entitled to
Termination the following: (i) Mr. Wilhelm will have 35
by the days after notice to attempt to cure any cause;
Company for (ii) whether cause has occurred will be
"Cause" or determined by a majority of the Board of
by Mr. Directors; (iii) embezzlement and theft are
Wilhelm confirmed as constituting conduct that causes
without demonstrable harm to the Company, and are
"Good thereby a basis for cause; and (iv) any failure
Reason" to perform material duties must continue for 30
days in order to support a finding of cause.
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Rights Upon A "good reason" for Mr. Wilhelm to terminate
Termination by the employment includes (i) a reduction in base
Company without salary or bonus opportunities that does not
"Cause" or by Mr. affect all executives; (ii) a transfer out of
Wilhelm with "Good the geographic area; and (iii) a substantial
Reason" (not during reduction in authority, duties or
the 30 days before responsibilities, or the imposition of duties
or 2 years after a and responsibilities inconsistent with Mr.
change in control) Wilhelm's position, if these developments occur
during the 30 days before or 2 years after a
change in control. Also, the occurrence of a
material breach by the Company constitutes
"good reason." The Company has the right to
receive notice of such claimed "good reason" to
terminate as well as an opportunity to cure the
problem.
In the event of a termination without cause or
a resignation for good reason, Mr. Wilhelm is
entitled to receive a lump sum payment equal to
his base salary within 30 days following such
termination, continued health benefits for 1
year, and an amount equal to a pro-rated
portion of any earned annual bonus Mr. Wilhelm
would have received had he remained employed
through the entire year payable when such
bonuses are generally paid to other Company
executives but no later than two and one half
months after the end of the year in which the
bonus was earned.
Rights Upon In the event of a termination without cause or
Termination by the a resignation with good reason relating to a
Company without change in control, Mr. Wilhelm will be entitled
"Cause" or by Mr. to receive a lump sum payment equal to 2.5
Wilhelm with "Good times the sum of (i) base salary, plus (ii)
Reason" (during the target annual bonus for the termination year,
30 days before or 2 plus (iii) the value of any other bonus that he
years after a change could have earned during the termination
in control) year. Mr. Wilhelm will also be entitled to
continued health coverage for 2 years.
Definition of Change A "change in control" is defined generally to
in Control cover transactions in which substantially all
the assets are disposed of or in which a person
or group other than the Company's original
named founders own more than 35% of the total
voting power of the Company. The definition
also includes certain reorganizations affecting
voting control and certain changes in the
composition of the Board of Directors.
Parachute Taxes In the event Mr. Wilhelm will be subject to the
excise tax imposed by Section 4999 of the
Internal Revenue Code of 1986, as amended, then
Mr. Wilhelm will continue to be entitled to
receive additional payments from the Company.
Non-Competition Mr. Wilhelm will be bound to observe certain
Provisions non-competition covenants for 12 months
following (i) termination without cause or
resignation for good reason prior to a change
in control, or (ii) resignation without good
reason following a change in control. After a
change in control, the restrictive period for a
termination without cause or a resignation for
good reason is 24 months.
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The foregoing Summary of Edward W. Wilhelm's employment agreement is qualified in its entirety by the full text of the agreement attached hereto as Exhibit 10.1 and incorporated herein by reference.
(d) Exhibits
Exhibit
Number Description of Exhibit
10.1 Employment Agreement of Edward Wilhelm, dated as of March 30, 2009
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