Thomas Group Inc - Current report filing (8-K)
April 28 2008 - 1:44PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Date of report (Date of earliest event reported):
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April 24, 2008
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Delaware
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0-22010
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72-0843540
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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5221 N. OConnor Blvd., Suite 500
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Irving, Texas
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75039
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(Address of principal executive offices)
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(Zip Code)
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Registrants
Telephone Number, including area code:
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(972) 869-3400
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(Former name
or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
On April 24, 2008, the Board of Directors of Thomas Group, Inc.
(the Company) appointed Frank W. Tilley as the Companys Vice President and
Interim Chief Financial Officer. Mr. Tilley
replaces Michael J. Barhydt, who resigned effective April 11, 2008.
Mr. Tilley, 62, is a member of the executive services firm Tatum
LLC (Tatum), a national firm which provides financial and technology
executives on an interim basis. Mr. Tilley
has been with Tatum for more than four years and, while there, has completed a
number of consulting assignments as well as served as interim chief financial
officer for ATI Acquisition Company and its subsidiaries, an Arlington, Texas
based education company, and as interim chief financial officer of Carreker
Corporation, an enterprise software and consulting firm in Dallas, Texas. Prior to joining Tatum, Mr. Tilley
served as Director of Finance (principal financial officer) of DiCon
Fiberoptics, Inc., a Richmond, California based major manufacturer of
passive fiberoptic components for the telecommunications industry. Prior to DiCon, Mr. Tilley served as
Chief Financial Officer and Executive Vice President of Sentry Group Services, Inc.,
a Fort Worth, Texas based funeral home and cemetery company. Mr. Tilley earned a Bachelor of Science
degree in Industrial Engineering from Texas A&M University in 1969 and also
holds a Master of Business Administration degree from Harvard Business School
which he received in 1973. He is a
Certified Public Accountant licensed in Texas.
In connection with the hiring of Mr. Tilley, the Company has
entered into an executive services agreement with Tatum. Pursuant to that agreement, the Company will
pay compensation totaling $35,000 per month, consisting of $24,500 per month in
salary to Mr. Tilley and $10,500 per month as a fee to Tatum. In addition, Mr. Tilley and Tatum may
become eligible for bonus compensation totaling up to $7,000 per month at the
discretion of the Companys Board of Directors based on achievement of priority
projects to be agreed upon within 30 days.
Any bonus would be allocated 70% to Mr. Tilley and 30% to
Tatum. The Company will not be obligated
to provide any health insurance benefits to Mr. Tilley while he serves as
Interim Chief Financial Officer, but will reimburse him up to $350 per month
for personal health insurance costs. As
an employee, Mr. Tilley will be eligible to participate in the Companys
401(k) plan. The executive services
agreement may be terminated by the Company with 30 days prior notice.
There is no family relationship between Mr. Tilley and any
director or executive officer of the Company.
As of the date of this report, Mr. Tilley has not entered into any
transaction requiring disclosure under Item 404(a) of Regulation S-K,
other than the sharing of compensation under the executive services agreement
with Tatum referred to above.
The Company intends to conduct a search for a permanent Chief Financial
Officer during the next 90 days.
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SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Thomas
Group, Inc.
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(Registrant)
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Date:
April 28, 2008
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By:
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/s/
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Earle
Steinberg
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Earle
Steinberg
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President &
Chief Executive Officer
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