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BABY > SEC Filings for BABY > Form 8-K on 22-Apr-2013All Recent SEC Filings

Show all filings for NATUS MEDICAL INC | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers, Financial Statements and Exhibits

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

An amended employment agreement was executed on April 19, 2013 between Natus Medical Incorporated and its Chief Executive Officer, James B. Hawkins (the "Amended Employment Agreement").

The agreement provides that if Mr. Hawkins' employment is terminated without cause (as defined in the Amended Employment Agreement) or for a reason other than in connection with a change in control of the Company, then Mr. Hawkins will receive (i) a lump sum payment due and payable within thirty (30) days after the date of separation, less applicable withholding taxes, equal to two times the sum of his Base Salary (as defined in the Amended Employment Agreement) as then in effect, (ii) the immediate vesting of his then unvested stock options, restricted stock and other equity awards, and (iii) continued provision of COBRA or similar benefits through the lesser of eighteen months or the date upon which Mr. Hawkins becomes covered under similar plans.

Mr. Hawkins' employment agreement with the Company previously provided that the amount defined in section (i) above was a sum equal to the Base Salary, while the timeframe in section (iii) above was twelve months.

To be eligible for termination benefits, Mr. Hawkins must comply with certain non-competition and non-solicitation provisions and payment of these termination benefits is conditioned on execution of a release of claims.

The Amended Employment Agreement is attached as Exhibit 99.1 to this report and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.                                  Description

99.1              Amended employment agreement between the Company and James B.
                  Hawkins dated April 19, 2013.

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