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DRIV > SEC Filings for DRIV > Form 8-K on 25-Mar-2013All Recent SEC Filings

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Form 8-K for DIGITAL RIVER INC /DE


25-Mar-2013

Change in Directors or Principal Officers, Financial Statements and Exhibit


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(b), (e) On March 21, 2013, Digital River, Inc. (the "Company") and Thomas M. Donnelly, its President, entered into a Transition and Separation Agreement. Mr. Donnelly is leaving the Company, effective April 30, 2013, to pursue other interests. Mr. Donnelly was considered in the Company's search for a permanent Chief Executive Officer and was the internal candidate for the position. On February 28, 2013, the Company announced the selection of an external candidate for the position - David C. Dobson. Mr. Dobson will assume Mr. Donnelly's responsibilities.

Pursuant to the terms of his employment agreement with the Company, Mr. Donnelly will be entitled to receive the following payment and benefits: a cash payment of $560,116; continued life, medical, dental and disability insurance coverage for one year; and accelerated vesting with respect to 102,775 shares of Company common stock subject to Mr. Donnelly's currently outstanding restricted stock awards.



Item 9.01 Financial Statements and Exhibits

(d) Exhibits

None.


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