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GLPW > SEC Filings for GLPW > Form 8-K on 26-Sep-2013All Recent SEC Filings




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.

(b) On September 20, 2013, Mr. Dean J. Glover 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 Products Division of the Company effective as of September 30, 2013 (the "Effective Date").

Pursuant to the Separation Agreement, and contingent upon Mr. Glover's execution and delivery of an executed release of claims, (i) Mr. Glover will receive the payments and benefits contemplated by Section 2(e)(iii) of the amended and restated employment agreement between Mr. Glover and the Company dated as of September 1, 2008 (the "Employment Agreement") to which Mr. Glover would have been entitled upon termination of employment without "cause" in each case upon the terms, and subject to the conditions, of the Employment Agreement; (ii) the restricted share units granted to Mr. Glover in 2010, 2011 and 2012 and that remain outstanding immediately prior to the Separation Date (as defined in the Employment Agreement) will vest in full and without pro-ration as of the Separation Date pursuant to Section 2(e)(iii) of the Employment Agreement and;
(iii) the restricted share units granted to Mr. Glover in 2013 and that remain outstanding immediately prior to the Separation Date will vest on a pro-rata basis, as determined pursuant to the applicable award agreement, as of the Separation Date. The Separation Agreement also provides for standard ownership of works, confidentiality, non-compete, non-solicitation and non-disparagement covenants.

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