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BAGL > SEC Filings for BAGL > Form 8-K on 25-Mar-2014All Recent SEC Filings




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 19, 2014, Einstein Noah Restaurant Group, Inc. (the "Company") entered into letter agreements with John Coletta, Chief Financial Officer, D. Glenn Lunde, Chief Concept Officer, and Rhonda J. Parish, Chief Legal Officer and Corporate Secretary (the "Agreements").

The Agreements include severance payments and benefits for each above named executive. Each Agreement is effective March 19, 2014 and continues in effect while the executive is employed by the Company, unless sooner modified or terminated by mutual agreement of the parties. It provides severance payments and benefits to the executive as follows:

If the executive's employment with the Company is terminated by the Company without Cause (as defined in the Company's 2011 Omnibus Incentive Plan), the Company shall provide to the executive, without mitigation or offset, (i) a severance payment in an amount equal to the executive's then current annual base salary, payable in equal installments commensurate with the Company's payroll calendar for the one-year period, and (ii) continued access to coverage under the Company's medical, dental, vision, and prescription drug plan (if and as such plans then exist) for a period equal to the COBRA period under
Section 4980B of the Internal Revenue Code of 1986, as amended, and applicable regulations and guidance thereunder, consistent with coverage that the executive had at the time of termination, but subject to any changes to the Company's benefit plan that affect then current employees and at the same cost as the cost to an eligible active employee throughout the coverage period. In addition, the executive shall be eligible to continue life insurance benefits for a period of the same length that are no less favorable than those to which the executive and his or her spouse and eligible dependents were receiving immediately prior to the date of the termination.

The Agreements include covenants of both the Company and the executive set forth in a form of mutual release, indemnification, confidentiality and non-solicitation agreement, to be executed following the executive's termination.

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