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BWEN > SEC Filings for BWEN > Form 8-K on 28-Oct-2013All Recent SEC Filings

Show all filings for BROADWIND ENERGY, INC.



Change in Directors or Principal Officers, Financial Statements and Exhibi

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

On October 24, 2013, Broadwind Energy, Inc. (the "Company") and Jesse E. Collins, Jr., Executive Vice President and Chief Operating Officer of the Company, entered into a Separation Agreement (the "Separation Agreement"), pursuant to which Mr. Collins' employment with the Company will terminate as of the close of business on December 31, 2013, or such earlier date as determined by the Company's Board of Directors or Chief Executive Officer (but in any event no earlier than November 24, 2013) (the "Separation Date").

Pursuant to the Separation Agreement, Mr. Collins will receive a cash severance benefit of $251,384, a lump sum payment under the Company's Executive Short-Term Incentive Plan (the "STIP") of $33,180, and outplacement services for a period of 12 months. The cash severance benefit shall be paid in substantially equal installments in accordance with the Company's normal payroll practices and schedule over the eighteen (18) month period following the Separation Date, with the first installment to be paid within ninety (90) days following the Separation Date. The STIP payment shall be paid at the same time that other participants in the STIP receive their 2013 STIP payments (but in any event no later than March 15, 2014). In addition, pursuant to the Separation Agreement, 40,334 unvested restricted stock units ("RSUs") previously granted to Mr. Collins by the Company vested on October 24, 2013. Under the terms of the underlying restricted stock unit award agreements, such RSUs would have been forfeited upon the Separation Date. Under the Separation Agreement, the payment of the cash severance benefit and the STIP payment is conditioned upon Mr. Collins' execution of a release in favor of the Company and Mr. Collins remains bound by the restrictive covenants set forth in his Amended and Restated Employment Agreement, dated as of December 17, 2012, including restrictive covenants relating to non-interference with Company employees, non-competition and confidentiality.

The foregoing summary of the Separation Agreement does not purport to be a complete description and is qualified in its entirety by reference to the terms and conditions of the actual Separation Agreement, a copy of which is attached as Exhibit 10.1 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d)                 Exhibits

NUMBER                                    DESCRIPTION

10.1 Separation Agreement dated as of October 24, 2013, by and between Broadwind Energy, Inc. and Jesse E. Collins, Jr.

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