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BBSI > SEC Filings for BBSI > Form 8-K on 6-Jan-2014All Recent SEC Filings

Show all filings for BARRETT BUSINESS SERVICES INC | Request a Trial to NEW EDGAR Online Pro



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.

Barrett Business Services, Inc. (the "Company"), has entered into Death Benefit Agreements with its three executive officers, Michael L. Elich, James D. Miller and Gregory R. Vaughn, effective January 1, 2014 (the "Agreements"). Under each Agreement, in the event of the executive officer's death, the Company will make a lump sum payment to the executive officer's designated beneficiary within 60 days after the date of death (the "Death Benefit"). Death Benefit payments for Messrs. Elich, Miller and Vaughn are $1,300,000, $650,000, and $800,000, respectively. The Death Benefit will be forfeited to the Company upon an executive officer's termination of employment with the Company for any reason other than death.

The Death Benefit will be paid solely out of the general assets of the Company, which may include funds received from life insurance policies on the executive officers obtained by the Company. No Death Benefit will be payable under an Agreement if the executive officer's death occurs under circumstances causing the policy amount not to be paid in full.

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