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LOJN > SEC Filings for LOJN > Form 8-K on 23-Aug-2013All Recent SEC Filings

Show all filings for LOJACK CORP

Form 8-K for LOJACK CORP


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. Effective August 19, 2013, Thomas M. Camp ceased to serve as Senior Vice President and General Manager (International) of LoJack Corporation (the "Company") and as an "executive officer" (as such term is defined in Rule 3b-7 of the Securities Exchange Act of 1934) of the Company.
In connection with Mr. Camp's departure from the Company, on August 19, 2013, the Company entered into a letter agreement with Mr. Camp that provides him with
(a) the payment of cash severance equal to forty-two (42) weeks of his base salary, (b) the payment of a pro-rated portion of his annual bonus for 2013, if earned, in accordance with the Company's Annual Incentive Plan, (c) payment by the Company of the employer portion of the premium for continued coverage under the Company's group dental and medical insurance plans under COBRA during the severance pay period, (d) outplacement services and (e) tax preparation support for calendar year 2013. In addition, the letter agreement provides for accelerated vesting of one-third of the shares subject to Mr. Camp's February 2011 time-based restricted stock grant and vesting (or forfeiture) of his May 2012 performance share grant in a manner and at such time consistent with the treatment of such performance shares for all other executive officers. All of his other equity grants will be treated in accordance with the Company's 2008 Stock Incentive Plan and the existing award agreements. The letter agreement also includes a general release of claims by Mr. Camp, covenants relating to his continued cooperation with litigation and regulatory matters, and non-competition, non-solicitation and non-disparagement covenants. The non-competition and non-solicitation covenants will be in effect for a period of one year.

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