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CEC > SEC Filings for CEC > Form 8-K on 8-Nov-2013All Recent SEC Filings

Show all filings for CEC ENTERTAINMENT INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for CEC ENTERTAINMENT INC


8-Nov-2013

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) As of November 4, 2013, Scott McDaniel, the Executive Vice President, Chief Marketing Officer of CEC Entertainment, Inc. (the "Company") is no longer employed by the Company.
(e) In connection with Mr. McDaniel's departure from the Company, the Company anticipates that it will enter into a letter agreement (the "Agreement") with Mr. McDaniel, pursuant to which he would receive a payment of $243,750, an amount equal to thirty-nine weeks of Mr. McDaniel's current salary, less applicable withholdings and deductions. If Mr. McDaniel is not employed full-time at the end of the thirty-nine-week period, the Company will pay Mr. McDaniel an additional $81,250, an amount equal to thirteen weeks of Mr. McDaniel's current salary. Pursuant to the terms and conditions of the Agreement, the Company will also reimburse Mr. McDaniel an amount up to $5,000 for outplacement services and will continue his current health insurance coverage until the earlier of (i) the end of the thirty-nine-week period and
(ii) his employment in another full-time position. The Agreement contains a customary release of claims by Mr. McDaniel, as well as confidentiality, cooperation and non-solicitation obligations.

The foregoing is a brief description of the material terms and conditions of the Agreement and the amounts payable thereunder. It does not purport to be complete.


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