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TSON > SEC Filings for TSON > Form 8-K on 5-Apr-2013All Recent SEC Filings

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Form 8-K for TRANS1 INC


5-Apr-2013

Change in Directors or Principal Officers


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

On April 2, 2013, Dwayne Montgomery, Vice President of Commercial Operations of TranS1 Inc. (the "Company"), resigned from his position with the Company, effective as of May 1, 2013, in order to pursue other business opportunities.

In connection with his resignation, the Company proposed a General Release and Severance Agreement (the "Agreement"), which was approved by the Compensation Committee of the Company's Board of Directors and delivered to Mr. Montgomery on April 2, 2013. The terms of the proposed Agreement provide that Mr. Montgomery may not execute and deliver the Agreement until May 1, 2013.

Under the proposed Agreement, Mr. Montgomery is entitled to receive severance in the aggregate amount of $170,186, payable in equal installment payments in accordance with the Company's payroll schedule in exchange for a standard release of claims. The compensatory arrangements afforded under the proposed Agreement are in lieu of any other compensation or benefits to which Mr. Montgomery otherwise might be entitled, including without limitation under his Employment Severance Agreement. The proposed Agreement also contains such confidentiality and non-disparagement provisions and other terms and conditions as are usual and customary for agreements of this type. All of Mr. Montgomery's obligations under previously executed agreements and Company policies regarding confidentiality, nondisclosure, non-competition, non-solicitation, intellectual property, and related matters will continue.

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