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Quotes & Info
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| PRGX > SEC Filings for PRGX > Form 8-K on 1-Jun-2009 | All Recent SEC Filings |
1-Jun-2009
Change in Directors or Principal Officers
full of Mr. Lee's outstanding unvested options, restricted stock and other
equity-based awards that would have vested solely based on his continued
employment, as well as the continuation of outstanding stock options, until the
earlier of one year after the date of termination of his employment or the
original expiration date of the options; and (vi) payment of up to $20,000 of
outplacement services.
(b) Change of Control. If, within 2 years following a Change in Control,
Mr. Lee (x) terminates his employment for Good Reason, (y) is terminated by the
Company without Cause, or (z) terminates his employment upon the Company's
failure to renew the Agreement, then he is entitled to receive the same benefits
he would have received as described above under "No Change in Control" except
that (i) the payment of his annual base salary shall be for the period equal to
the greater of 18 months or the sum of four weeks for each full year of
continuous service that Mr. Lee has with the Company (the "Change in Control
Severance Period") and (ii) Mr. Lee's health care plan coverage shall continue
for the Change in Control Severance Period.
(c) For Cause. If the Company terminates Mr. Lee's employment for Cause or
Mr. Lee terminates his employment for other than Good Reason, the Agreement
terminates and the Company will have no further obligations to him other than to
pay any accrued obligations.
4. Business Protection Agreements. Mr. Lee is also bound by confidentiality
provisions, non-competition covenants and non-solicitation restrictions
concerning both customers and employees of the Company.
The foregoing description is qualified in its entirety by reference to the
Agreement, a copy of which is filed herewith as Exhibit 10.1 and incorporated
herein by reference
Separation Agreement
On May 29, 2009, the Company entered into a Separation Agreement (the
"Separation Agreement") with Bradley T. Roos, the Company's Senior Vice
President and President- Europe and Asia Pacific. Pursuant to the Separation
Agreement, the employment agreement between the Company and Mr. Roos (the
"Employment Agreement") was terminated. As previously reported, Mr. Roos'
employment relationship with the Company was terminated effective May 8, 2009
(the "Termination Date"). The material terms of the Separation Agreement are as
follows:
1. Post-employment Compensation. The Separation Agreement provides for the
Company to make severance payments to Mr. Roos equal to his current annual
salary for the period of twelve months from the Termination Date. Mr. Roos will
receive the bonus (subject to the achievement of certain levels of EBIDTA by the
Company and the Company's Europe-Asia Pacific business), if any, that he would
have received for calendar year 2009, pro-rated based on the number of days he
was employed in 2009 before the Termination Date. The Company will permit
Mr. Roos to continue medical
and dental insurance coverage for himself, his spouse, and his eligible
dependents for the period of twelve months from the Termination Date on the same
basis and at the same cost as if he remained employed. Mr. Roos is also entitled
to vesting in full of his outstanding unvested options, restricted stock and
other equity based awards that would have vested based solely on his continued
employment. Additionally, all of Mr. Roos' outstanding stock options will remain
outstanding until the earlier of (a) one year from the Termination Date or
(b) the original expiration date of the options. Mr. Roos is also entitled to
outplacement services of up to $20,000. In addition, the Company will make a
lump sum payment of $45,000 to Mr. Roos.
2. Housing and Relocation Benefits. Mr. Roos will also be entitled to continued
housing and educational allowances provided for under his Employment Agreement
through June 30, 2009. The Company will also reimburse Mr. Roos for the cost of
returning to the United States.
3. Business Protection Agreements. Mr. Roos is also bound by confidentiality
provisions, non-competition covenants and non-solicitation restrictions
concerning both customers and employees of the Company.
4. Release. In order to collect his severance benefits, Mr. Roos has signed and
returned a release agreement, pursuant to which Mr. Roos agreed to release all
current or future claims, known or unknown, arising on or before the date of the
release against the Company and its affiliates and their respective officers,
directors, employees, agents, insurers, assigns, and successors in interest. In
addition, as a condition to the receipt of his severance benefits, Mr. Roos'
agreed to waive, other than as set forth in the Separation Agreement, any and
all rights to any severance, notice rights, payments, benefits or other amounts
he may have been entitled to under the laws of England and Wales.
The foregoing description is qualified in its entirety by reference to the
Separation Agreement, a copy of which is filed herewith as Exhibit 10.2 and
incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
The following exhibits are filed herewith:
Exhibit 10.1 Employment Agreement dated May 26, 2009, by and between Mr. Robert B.
Lee and the Company
Exhibit 10.2 Separation Agreement dated May 29, 2009, by and between Mr. Bradley
T. Roos and the Company
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