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ACPW > SEC Filings for ACPW > Form 8-K on 24-Apr-2013All Recent SEC Filings

Show all filings for ACTIVE POWER INC | Request a Trial to NEW EDGAR Online Pro



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.

As previously reported on Form 8-K, on April 11, 2013, Lisa M. Brown resigned from her role as Vice President, Marketing and Sales Operations of Active Power, Inc. (the "Company"). In connection with Ms. Brown's resignation, the Company entered into a Separation Agreement and Release with Ms. Brown on April 22, 2013 (the "Agreement"), which, among other things, provides for the following:

continuation of payment of her base salary for six (6) months after the resignation date, payable in accordance with the Company's regular payroll practices;

eligibility to potentially receive compensation under the Company's 2013 management incentive program subject to the terms and conditions of such plan;

reimbursement for continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), for the shorter of
(i) a period of twelve (12) months after the resignation date, (ii) until she has secured other employment, or (iii) the date she is no longer eligible to receive continuation coverage pursuant to COBRA; and

vesting acceleration as to an additional six (6) months after the resignation date under all outstanding stock options and restricted stock unit agreements between the Company and Ms. Brown that would have otherwise remained unvested as of the date of Ms. Brown's resignation.

The Agreement also contains provisions for (i) a release of the Company by Ms. Brown for all claims (other than for payment of the foregoing), (ii) Ms. Brown's compliance with a non-solicitation covenant for twelve (12) months and continued observance of her obligations to the Company under her proprietary information and nondisclosure agreement, and (iii) Ms. Brown's compliance with a customary non-disparagement covenant. The foregoing is a summary of the Agreement and does not purport to be complete.


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