teilweise schon ändern! mal sehen wie stark der Markt heute auf diese news von gestern Abend reagiert:
Form 8-K for PRG SCHULTZ INTERNATIONAL INC
22-Mar-2006
Entry into a Material Definitive Agreement
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
Amendments to Separation Agreements with Messrs. Cook and Toma
On March 16, 2006, the Company entered into a First Amendment to Separation and Release Agreement with each of John M. Cook and John M. Toma (the "Amendments"). Negotiation of the Amendments was a condition precedent to the closing of the Company's exchange offer restructuring its bondholder debt and entry into the Company's replacement credit facility, both of which took place on March 17, 2006. The Amendments provide as follows:
1. Mr. Cook's termination payments, in the total amount of $5,512,423.00, will be payable in monthly installments, commencing April 1, 2006, as follows:
Payment No. Amount Per Payment
1 $275,620.96
2-58 $91,873.72
Total $5,512,423.00
Mr. Cook's Separation and Release Agreement dated August 2, 2005, originally provided for termination payments of $5,512,423.14, payable bi-weekly over a 3-year period. The Company will pay all applicable payroll taxes and national health insurance taxes accruing with respect to Mr. Cook's termination payments.
2. Mr. Toma's termination payments, in the total amount of $1,502.304.00, will be payable in monthly installments, commencing April 1, 2006, as follows:
Payment No. Amount Per Payment
1 $93,894.00
2-46 $31,298.00
Total $1,502,304.00 =============
Mr. Toma's Separation and Release Agreement dated August 2, 2005, originally provided for termination payments of $1,502,304.08, payable bi-weekly over a 2-year period. The Company will pay all applicable payroll taxes and national health insurance taxes accruing with respect to Mr. Toma's termination payments.
3. The Company is obligated to pay, on April 1, 2006, $150,000, in the aggregate, to CT Investments, LLC to defray the fees and expenses incurred by Messrs. Cook and Toma for legal and financial advice related to the negotiation of the Amendments.
Messrs. Cook and Toma have no material relationships with the Company or any of its affiliates, other than as holders of Company's securities and former directors and officers of the Company, and as previously disclosed in the Company's periodic reports on file with the U.S. Securities and Exchange Commission.
SECTION 9 FINANCIAL STATEMENTS AND EXHIBITS.
ITEM 9.01(D) EXHIBITS.
Exhibit Number Description ------- -----------
99.1 First Amendment to Separation and Release Agreement with John M. Cook dated March 16, 2006
99.2 First Amendment to Separation and Release Agreement with John M. Toma dated March 16, 2006
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