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Quotes & Info
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| IESC > SEC Filings for IESC > Form 8-K on 27-Jan-2012 | All Recent SEC Filings |
27-Jan-2012
Change in Directors or Principal Officers, Financial Statement
On January 23, 2012, the Human Resources and Compensation Committee (the "Committee") of the Board of Directors of Integrated Electrical Services, Inc. (the "Company") approved and adopted the Integrated Electrical Services, Inc. Executive Officer Severance Benefit Plan (the "Plan"). The purpose of the Plan is to provide severance benefits to certain senior executives of the Company and, to the extent designated by the Committee, certain of its affiliates, in the event that the executive's employment is terminated by the Company or the applicable affiliate other than for Cause (as defined in the Plan) or by the executive due to the occurrence of (i) a material reduction in the executive's duties or responsibilities, (ii) a material reduction in the executive's annual rate of base cash compensation, (iii) a change in the location of the executive's principal place of employment by more than fifty miles from Houston, Texas, (iv) the receipt of a written notice of termination of the Plan or of any amendment to the Plan that would adversely reduce the executive's potential severance payments or benefits or his or her coverage under the Plan or (v) a demotion or transfer of the executive's employment that results or would result in him or her no longer being a Covered Executive (as defined in the Plan) (each, a "Qualifying Termination"). Pursuant to the terms of the Plan, if a participating executive has a Qualifying Termination prior to a Change in Control (as defined in the Plan), the executive will receive, among other benefits, continued payment of his or her base pay for a period of twelve months following the date of such termination. If a participating executive has a Qualifying Termination on or within twelve months following a Change in Control, the executive will receive, among other benefits, a lump sum payment equal to two times his or her annual base pay.
At the request of the Committee, in connection with the adoption of the Plan, each executive officer of the Company has agreed to terminate his or her employment agreement with the Company and to relinquish his or her rights thereunder.
The foregoing description of the Plan is qualified in its entirety by reference to the Plan, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
(d) Exhibits.
Exhibit Number Description
10.1 Integrated Electrical Services, Inc. Executive Severance Benefit Plan
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