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GLPW > SEC Filings for GLPW > Form 8-K on 28-Jun-2013All Recent SEC Filings




Change in Directors or Principal Officers, Financial Statements

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

(b) On June 24, 2013, Mr. Kenneth W. Robuck entered into a Separation Agreement (the "Separation Agreement") with Global Power Equipment Group Inc. (the "Company"), under which he will leave his position as the Senior Vice President and President of the Services Division of the Company effective as of July 1, 2013 (the "Effective Date").

Under the terms of the Separation Agreement, Mr. Robuck has agreed to serve as a full-time employee of the Company from the Effective Date through July 31, 2013 (the "Separation Date") at his current base salary. Effective as of the Separation Date, Mr. Robuck's employment with the Company shall terminate. Pursuant to the Separation Agreement, Mr. Robuck will receive (i) an amount equal to $477,800, payable in installments, beginning on the date Mr. Robuck provides the Company with an executed release of claims (the "Release") through March 12, 2014, and (ii) reimbursement of attorneys' fees not to exceed $5,000 incurred in connection with the Separation Agreement, which is also contingent upon Mr. Robuck's execution and delivery of the Release. The Separation Agreement also provides for standard ownership of works, confidentiality, non-compete, non-solicitation and non-disparagement covenants.

The foregoing description of the Separation Agreement is qualified in its entirety by reference to the full text of the agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated in this Item 5.02 by reference.

The Company's press release announcing Mr. Robuck's departure is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and incorporated in this Item 5.02 by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Number       Description

10.1         Separation Agreement by and between Kenneth W. Robuck and Global Power
             Equipment Group Inc., dated as of June 24, 2013.

99.1         Press Release dated June 28, 2013

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