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| XRSC > SEC Filings for XRSC > Form 8-K on 10-Oct-2012 | All Recent SEC Filings |
10-Oct-2012
Change in Directors or Principal Officers, Regulation FD Disclosure, Financial Statement
On October 5, 2012, Michael W. Weber, age 47, was appointed to serve as our Chief Financial Officer. Mr. Weber joined the Company as Director of Finance and Controller in April 2007 and was appointed Vice President of Finance in March 2011. Since July 2, 2012, Mr. Weber has served as the Company's principal financial officer and principal accounting officer.
In connection with his appointment, Mr. Weber's annual base salary was increased to $220,000 and his target payout percentage under the Company's annual incentive plan was increased to 50% of his annual base salary. Additionally, subject to approval by the Compensation Committee of the Company's Board of Directors, he will be granted stock options with respect to 100,000 shares of our common stock and 25,000 restricted stock units. Both equity grants will vest ratably over three years from the date of grant. The Company has entered into a severance agreement with Mr. Weber that provides, among other items, that in the event his employment is terminated without cause, the Company will pay his annual salary for twelve months.
On October 10, 2012, we issued a press release announcing the appointment of our
new Chief Financial Officer, a copy of which is furnished as Exhibit 99.1 to
this current report on Form 8-K.
The information contained in Exhibit 99.1 is being furnished, and shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), or otherwise subject to the
liabilities under Section 18. Furthermore, the information contained in Exhibit
99.1 shall not be deemed to be incorporated by reference into our filings under
the Securities Act of 1933, as amended, or the Exchange Act.
(d) Exhibits
99.1 Press Release dated October 10, 2012
10.1 Severance Agreement dated October 5, 2012 with Michael W. Weber
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