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MCGC > SEC Filings for MCGC > Form 8-K on 6-Dec-2013All Recent SEC Filings

Show all filings for MCG CAPITAL CORP

Form 8-K for MCG CAPITAL CORP


6-Dec-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)
Departure of Executive Vice President and Managing Director On December 2, 2013, MCG Capital Corporation ("MCG" or the "Company") accepted the resignation of Robert L. Marcotte from his position as Executive Vice President and Managing Director, effective as of December 20, 2013. Mr. Marcotte's resignation is not the result of any disagreement with the Company, known to an executive officer of the Company, on any matter relating to the Company's operations, policies or practices.
Prior to his resignation, Mr. Marcotte was eligible for participation in the MCG Capital Corporation 2011 Severance Pay Plan, or the 2011 Severance Plan, which commits the Company to provide MCG employees (who are not otherwise a party to an employment letter or agreement) with certain benefits under defined events of termination of employment. Specifically, the plan provides that in the event the Company terminates an eligible employee's employment without cause or the employee resigns for good reason, the employee will be eligible for three, six or nine months of continuing separation pay, healthcare continuation benefits and lapsing of forfeiture provisions with respect to shares of restricted Company common stock (based on years of service with MCG).
Mr. Marcotte's resignation from the Company renders him ineligible for benefits under the 2011 Severance Plan. In addition, in connection with his departure, Mr. Marcotte will forfeit an aggregate of 185,932 shares of restricted Company common stock.

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