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BXC > SEC Filings for BXC > Form 8-K on 5-Jun-2014All Recent SEC Filings

Show all filings for BLUELINX HOLDINGS INC.



Change in Directors or Principal Officers, Financial Statements and Exhibi

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

On May 30, 2014, BlueLinx Holdings Inc. (the "Company") entered into a Release Agreement (the "Release") with Mr. H. Douglas Goforth. The Company previously announced that effective May 18, 2014, Mr. Goforth would no longer serve as Senior Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of the Company.

The Release provides that Mr. Goforth will receive severance in an amount equal to $701,250, which amount represents one time Mr. Goforth's annual Base Salary ($425,000) plus a one time cash bonus equal to Mr. Goforth's Target Bonus for the 2013 fiscal year ($276,250), payable in twelve equal monthly installments commencing on the earlier to occur of (i) the first business day of the seventh month after the date of termination or (ii) Mr. Goforth's death. In addition, Mr. Goforth's unvested restricted stock and performance shares will vest in full under the terms of the Release. Mr. Goforth, his spouse and eligible dependents will be eligible to participate in the Company's medical and dental plan coverage under COBRA for a period of one year after the Termination Date on the same basis and at the same cost to him as available to similarly-situated active employees. Mr. Goforth also is entitled to receive up to $25,000 in aggregate outplacement services to be used within one year of the Termination Date.

The Release also contains confidentiality provisions for a period of five years following the Termination Date, as well as non-competition and non-solicitation covenants for a period of one year following the Termination Date.

The foregoing Description is qualified in its entirety by reference to the Release, a copy of which is filed herewith as Exhibit 10.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

10.1 Release Agreement by and between the Company and H. Douglas Goforth, dated May 30, 2014

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