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ALCS > SEC Filings for ALCS > Form 8-K on 10-Jul-2014All Recent SEC Filings

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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 of Certain Officers.

Termination of Senior Vice President-Chief Financial Officer.

As previously disclosed in the Company's Form 8-K filed on June 19, 2014, the Company terminated, without cause, Wayne S. Peterson from his position as the Company's Senior Vice President-Chief Financial Officer, effective as of June 13, 2014. The Company and Mr. Peterson subsequently entered into a Separation Agreement and Release (the "Agreement"), which became effective as of July 4, 2014. The Company has not yet hired a replacement for Mr. Peterson. Attached as Exhibit 99.1, and incorporated into this Item 5.02 by reference, is a copy of the Agreement.

Until a replacement for Mr. Peterson is found, the Company engaged Michael Juniper, an employee of Deloitte Transactions and Business Analytics LLP ("Deloitte"), to act as interim Chief Financial Officer under an independent contractor arrangement between the Company and Deloitte. The Company and Deloitte entered into a letter agreement (the "Letter Agreement"), which sets forth the services to be provided by Deloitte, including those of Mr. Juniper. Mr. Juniper is not, and shall not become, an employee of the Company and shall remain an employee of Deloitte under such engagement and during his appointment as interim Chief Financial Officer. Mr. Juniper's duties and responsibilities will be mutually determined between himself, Deloitte and the Company's Board of Directors, pursuant to the terms of the Letter Agreement.

Mr. Juniper, age 45, is currently a Senior Vice President within the Corporate Restructuring Group at Deloitte and has held that position since April 2012. Prior to such position, Mr. Juniper worked as a Managing Director of CRG Partners from January 2007 to April 2012.

Other than arrangements or understandings with directors and officers of the Company acting solely in their capacity as such, there are no arrangements or understandings between Mr. Juniper and any other persons naming Mr. Juniper as an officer. There are no familial relationships between Mr. Juniper and any other officer or director of the Company. Since June 19, 2014, Mr. Juniper, nor any immediate family member of Mr. Juniper, has been a party to any transaction or currently proposed transaction in which the Company was or is a participant and the amount exceeds $120,000, and in which Mr. Juniper or any immediate family member had or will have a direct or indirect material interest.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.


Number              Description

99.1                Separation Agreement and Release
                    entered into between the Company and
                    Wayne S. Peterson effective as of June
                    13, 2014.

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