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Quotes & Info
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| INAP > SEC Filings for INAP > Form 8-K on 28-Aug-2009 | All Recent SEC Filings |
28-Aug-2009
Change in Directors or Principal Officers, Financial Statements an
On July 14, 2009, Internap Network Services Corporation (the "Company") announced the elimination of the Chief Technology Officer position. As a result, Timothy P. Sullivan's employment terminated effective July 31, 2009 (the "Separation Date").
Pursuant to the terms of a General Release, Separation and Settlement Agreement between the Company and Mr. Sullivan effective as of August 26, 2009 (the "Separation Agreement"), Mr. Sullivan will receive (1) a cash payment of $275,000 to be made in 12 equal monthly installments and (2) if he so elects, continued health, dental and vision insurance coverage under the Company's group health plan for 18 months from the Separation Date at his cost. This separation pay is consistent with the terms of the Employment Security Plan which the Company has previously disclosed and filed with the Securities and Exchange Commission.
All unvested equity grants previously made to Mr. Sullivan expired on his Separation Date. The Separation Agreement also provides, among other things, that Mr. Sullivan will have certain non-disclosure and non-solicitation obligations.
(d) Exhibits.
10.1 General Release, Separation and Settlement Agreement between the Company and Tim Sullivan, effective August 26, 2009.
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