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RLOC > SEC Filings for RLOC > Form 8-K on 12-Aug-2013All Recent SEC Filings

Show all filings for REACHLOCAL INC



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 August 7, 2013, ReachLocal, Inc. (the "Company") amended and restated the previously disclosed transition agreement, dated November 1, 2012 (the "Transition Agreement" and as amended, the "Amended Transition Agreement"), with Michael Kline, the Company's Chief Strategy Officer and President of Local Commerce, and one of the Company's founders. Under the Amended Transition Agreement, Mr. Kline will serve in his full-time capacity through December 31, 2013, and then as a consultant through June 30, 2014, on terms and conditions substantially similar to the Transition Agreement.

In connection with entrance into the Amended Transition Agreement, the Compensation Committee of the Company's Board of Directors approved the grant of 30,000 shares of performance-based restricted stock to Mr. Kline. The restrictions will lapse if certain performance milestones are achieved on or before June 30, 2014. If Mr. Kline experiences a termination of service without "cause" prior to achievement of the performance milestones, the restricted shares will remain outstanding and eligible to vest if the performance milestones are later achieved on or before June 30, 2014.

The foregoing is not a complete description of the terms and conditions of the Amended Transition Agreement and is qualified in its entirety by reference to the Amended Transition Agreement, a copy of which will be filed as an exhibit to Company's next Quarterly Report on Form 10-Q.

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