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AMSC > SEC Filings for AMSC > Form 8-K on 25-Sep-2013All Recent SEC Filings

Show all filings for AMERICAN SUPERCONDUCTOR CORP /DE/

Form 8-K for AMERICAN SUPERCONDUCTOR CORP /DE/


25-Sep-2013

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.

(e) Amended and Restated Executive Severance Agreement. On September 20, 2013, American Superconductor Corporation (the "Company") entered into an Amended and Restated Executive Severance Agreement with its Executive Vice President, Operations, James F. Maguire (the "New Maguire Agreement"). The New Maguire Agreement supersedes in its entirety his existing Executive Severance Agreement dated as of January 30, 2012 (the "Original Maguire Agreement"), as amended by that certain First Amendment to Executive Severance Agreement, effective as of May 9, 2012 (the "Maguire Amendment," and together with the Original Maguire Agreement, the "Existing Maguire Agreement").

Under the Existing Maguire Agreement, Mr. Maguire was entitled to receive severance equal to twelve (12) months of base salary, less all applicable taxes and withholdings, and certain other benefits in exchange for his timely execution and non-revocation of a legal release. The foregoing description of the terms of the Existing Maguire Agreement is qualified in its entirety by reference to the Maguire Agreement and the Maguire Amendment, which were filed as Exhibits 10.5 and 10.6, respectively, to the Company's Quarterly Report on Form 10-Q filed August 3, 2012, and which are incorporated herein by reference.

The terms of the New Maguire Agreement are substantially similar to the terms of the Existing Maguire Agreement, except that:

Mr. Maguire is entitled to receive severance equal to eighteen (18) months of base salary, less all applicable taxes and withholdings, and certain other benefits in exchange for his timely execution and non-revocation of a legal release; and

Mr. Maguire has agreed to certain restrictive covenants regarding non-competition, non-solicitation and non-disparagement for the one
(1) year period following the termination date (except that the non-disparagement obligations do not expire).

The foregoing description of the New Maguire Agreement is qualified in its entirety by reference to such document, which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

Exhibit
  No.        Description

10.1         Amended and Restated Executive Severance Agreement dated as of
             September 20, 2013 by and between the Company and James F. Maguire.


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