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VSR > SEC Filings for VSR > Form 8-K on 31-Mar-2014All Recent SEC Filings

Show all filings for VERSAR INC

Form 8-K for VERSAR INC


Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements for Certain Officers.

(b) Departure of Named Executive Officer

On March 28, 2014, Lee Staab, the Senior Vice President, Engineering and Construction Management for international operations and President, Versar International, Inc., a wholly-owned subsidiary of Versar, Inc. ("Versar"), and Versar entered into a Separation Agreement and General Release, dated as of March 24, 2014, providing for the termination of Mr. Staab's employment with Versar effective April 12, 2014.

(e) Material Compensatory Plan, Contract or Arrangement.

Pursuant to the Separation Agreement and General Release, Mr. Staab will be paid all salary earned through and including April 12, 2014 and all accrued but unused personal leave as of the separation date, up to a cap of 300 hours, as well as other accrued leave, less any applicable taxes and deductions. Further, subject to Mr. Staab's execution of such agreement and failure to revoke certain provisions thereof, Versar shall pay Mr. Staab a lump sum payment in an amount equal to $77,882.40, less any withholding and other taxes required by law, as severance, payable on the next regular Versar pay date after his departure from the company. Pursuant to the Separation Agreement and General Release, Mr. Staab also provided a general release to the Company of any and all claims, demands and liabilities relating to Mr. Staab's employment by Versar. The Agreement also contains non-disclosure and non-solicitation covenants.

The above is only a summary of the Separation Agreement and General Release, which is filed together with this current report as Exhibit 10.1, and is incorporated by reference herein in its entirety.

As a result of Mr. Staab's pending departure, Versar has modified the operations of its Engineering and Construction Management group. Robert Biedermann, the Senior Vice President, Engineering and Construction Management, for domestic operations, will manage both the domestic and international operations of the Engineering and Construction Management group. Mr. Biederman will receive a salary increase of $15,000 to reflect the increase in his responsibilities.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

10.1 Separation Agreement and General Release dated as of March 24, 2014 by and between Versar, Inc. Lee Staab.

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