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HNSN > SEC Filings for HNSN > Form 8-K on 7-Mar-2014All Recent SEC Filings

Show all filings for HANSEN MEDICAL 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.

On March 3, 2014, Bruce J Barclay, our former President and Chief Executive Officer, resigned from our Board of Directors.

Also on March 3, 2014, we entered into a separation agreement with Mr. Barclay (the "Separation Agreement") in connection with the end of his employment with us on February 28, 2014. Pursuant to the Separation Agreement and Mr. Barclay's retention agreement with us dated May 26, 2010, if Mr. Barclay does not revoke the release of claims contained in the Separation Agreement, Mr. Barclay will receive a lump sum payment of $481,010, which is equal to twelve months of his current base salary, and payment of his and, if applicable his dependents', COBRA premiums for up to twelve months following the termination of his employment. The Separation Agreement also provides that Mr. Barclay's outstanding options (to the extent vested as of his employment termination date) will remain exercisable for an additional three months beyond the period specified in the applicable stock option agreements. We have also agreed in the Separation Agreement to use our commercially reasonably efforts to purchase a tail insurance policy for Mr. Barclay providing insurance for him for claims that would be covered by the Company's directors and officers insurance but for policy limits, with such tail policy having a limit of not less than $5,000,000 and a policy term of at least five years from the date Mr. Barclay ceased to be a member of our board of directors.

The description of the Separation Agreement contained herein does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement that will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2014.

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