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| BEAT > SEC Filings for BEAT > Form 8-K on 5-Dec-2012 | All Recent SEC Filings |
5-Dec-2012
Change in Directors or Principal Officers
On November 29, 2012, CardioNet, Inc. (the "Company") and Jareer Kasrawi, the Company's Senior Vice President, Strategic Contracting, agreed that Mr. Kasrawi would leave the Company. Mr. Kasrawi's departure constituted a termination without "cause" under the employment agreement, dated June 28, 2011, between the Company and Mr. Kasrawi. This decision was made as part of the Company's continuing effort to reduce costs and gain operational efficiencies.
Under his employment agreement, Mr. Kasrawi is entitled to receive a severance payment of $360,000, to be paid in twelve (12) monthly installments of $30,000 each, that consists of the following: (i) an amount equal to $240,000, which represents one times (1.0x) Mr. Kasrawi's base salary, plus (ii) an amount equal to $120,000, which represents one times (1.0x) his on-target annual performance incentive bonus (or fifty (50%) of his base salary).
These payments are subject to applicable tax withholdings. The payment of these amounts is subject to Mr. Kasrawi's execution and non-revocation of a Release and Waiver of Claims.
Mr. Kasrawi will also be eligible for continued participation in our medical, dental and vision plans for a period ending on the earlier of: (i) November 29, 2013, or (ii) the date on which Mr. Kasrawi becomes eligible to enroll in any similar plan offered by another employer, at the same premium rates and cost sharing as may be charged from time to time for our employees generally, as if Mr. Kasrawi had continued to be employed by the Company during such period. Mr. Kasrawi will bear any tax consequences of this arrangement. Mr. Kasrawi will remain subject to the Company's Proprietary Information and Inventions Agreement, and remains subject to restrictions on disclosure of confidential information of the Company. In addition, Mr. Kasrawi will be subject to a covenant not to compete with the Company during the twelve-month period in which his severance payments are made.
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