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| XPRT > SEC Filings for XPRT > Form 8-K on 6-Jul-2009 | All Recent SEC Filings |
6-Jul-2009
Change in Directors or Principal Officers, Regulation FD Disclosure, Financial Statemen
(b) CEO Transition
Michael Jeffery, Chief Executive Officer of LECG Corporation ("LECG" or the "Company"), has notified the Company of his intention to step down as CEO of LECG, effective at the annual meeting of stockholders. The board will determine the date of the annual meeting at its next meeting in late July. Mr. Jeffery's departure is in keeping with the Company's original long-term plan and he will continue to serve as CEO during this period.
(e) Revised Employment Agreement for Michael Jeffery
The Company and LECG, LLC expect to enter into a new Employment Agreement with Mr. Jeffery, becoming effective as of the date of the Company's 2009 annual meeting of stockholders (the "Agreement"). Upon its effectiveness, the Agreement provides for Mr. Jeffery to be engaged for a term of one year, to provide assistance to the Company's Board of Directors and senior management, and to begin work as a paid expert in service to the Company: Under the new Agreement, Mr. Jeffery will receive an annualized salary of $550,000 and will be eligible for health and other benefits that are provided to other employees. In the event of involuntary termination of his employment without cause, or in the event of a change of control of the Company during the term of the Agreement, Mr. Jeffery would be entitled to receive a severance payment equal to the amount of his base salary for the remaining portion of the one year term. The Agreement supersedes and replaces the Senior Management Agreement, Change in Control Retention Agreement and Restricted Stock Unit Award Agreement previously entered into by the Company, LECG, LLC and Mr. Jeffery.
The Company issued a press release on July 6, 2009 regarding the information addressed in Item 5.02(b) above, and related matters. A copy of that press release is furnished as an exhibit to this Current Report on Form 8-K.
(d) Exhibits.
Exhibit Number Description of Exhibit 99.1 Press Release issued by the Registrant on July 6, 2009 (furnished herewith). |
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