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AVHI > SEC Filings for AVHI > Form 8-K on 4-Dec-2013All Recent SEC Filings

Show all filings for AV HOMES, INC.

Form 8-K for AV HOMES, INC.


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.

As previously reported in the Current Report on Form 8-K of AV Homes, Inc. (the "Company"), filed with the Securities and Exchange Commission on September 27, 2013 (the "Original Form 8-K"), Tina M. Johnston stepped down as Principal Financial Officer and Principal Accounting Officer of the Company effective October 14, 2013 in connection with the appointment of Michael S. Burnett as Executive Vice President and Chief Financial Officer. Ms. Johnston remained employed with the Company through November 30, 2013 to facilitate an orderly transition. In connection with the termination of her employment, on November 27, 2013, the Compensation Committee of the Board of Directors approved a separation arrangement with Ms. Johnston providing for the following:

         Payment to Ms. Johnston of a cash payment equal to $243,000,
          representing six months of Ms. Johnston's base salary and a portion of
          her cash incentive award for goals attained in 2013, which amounts will
          be paid to Ms. Johnston upon her signing and not rescinding an
          Employment Release Agreement setting forth the terms of her separation
          from employment; and

Lapse of restrictions on 6,641 shares of restricted stock upon her separation from employment.

Under the terms of the separation agreement, Ms. Johnston agreed to certain covenants regarding, among other things, non-solicitation of the Company's employees for a period of one year from her date of separation and maintaining the confidentiality of Company information. Ms. Johnston also agreed to release any claims she may have against the Company.

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