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DPSI > SEC Filings for DPSI > Form 8-K on 27-Jul-2012All Recent SEC Filings

Show all filings for DECISIONPOINT SYSTEMS, INC.



Change in Directors or Principal Officers, Financial Statements and E

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

On July 23, 2012, DecisionPoint Systems, Inc. ("Company") and Donald W. Rowley ("DWR") entered into a Separation Agreement and General Release ("Separation Agreement"). Pursuant to the Separation Agreement, DWR resigned as the Company's Chief Financial Officer as of July 23, 2012 and as an employee of the Company on July 23, 2012. Pursuant to the Separation Agreement, the Company agreed to pay DWR a total of $205,592 in equal installments in accordance with the Company's payroll cycle beginning on August 1, 2012 through December 31, 2012. The Separation Agreement also contains a general release from DWR.

Under the Separation Agreement, the Company also acknowledged that it owes DWR an accounts payable in the amount of $890,633, which will be paid in accordance with an Accounts Payable Payment Plan agreement, between the Company and DWR dated July 23, 2012 ("Accounts Payable Agreement"). Pursuant to the Account Payable Agreement, the Company agreed to pay interest monthly in arrears (starting on August 1, 2012) to DWR with interest computed daily on the outstanding balance at an annual interest rate of 25%. Under the Accounts Payable Agreement, the Company will make payments of $36,000 per month due on the 1st of each month to DWR towards the outstanding balance.

The description of the terms of the Separation Agreement and the Accounts Payable Payment Plan do not purport to be complete and are qualified in their entirety by these agreements which are included as exhibits to this Report.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.                  Description
10.1          Separation Agreement and General Release .

10.2          Accounts Payable Payment Plan

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