- Current report filing (8-K)
July 12 2010 - 4:14PM
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
Date of report (Date of earliest event
reported):
July 7,
2010
Thomas Group, Inc.
(Exact
name of registrant as specified in its charter)
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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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Not Applicable
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(Former name or former
address, if changed since last report)
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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)
o
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 July 7, 2010, Thomas
Group, Inc. (the Company) entered into an Employment Agreement (the Employment
Agreement) with Barbara D. Stinnett to serve as the Companys Executive Vice
President and Chief Customer Officer, Worldwide Customer Operations, beginning July 26,
2010. On July 12, 2010, the Company
issued a press release announcing the appointment of Ms. Stinnett to this
position. A copy of the press release is furnished herewith and attached hereto
as Exhibit 99.1.
Pursuant to the Employment
Agreement, Ms. Stinnett initially will receive base compensation of
$325,000 annually, paid semi-monthly.
Assuming her continued employment on the first day of each calendar
quarter of 2011, beginning on January 1, 2011, Ms. Stinnetts
annualized salary will increase each quarter by $25,000, up to a maximum of
$100,000 in such increases as of October 1, 2011. Ms. Stinnett also will be eligible for a
sign-on bonus of $25,000 payable after 60 days of employment. The sign-on bonus is fully refundable to the
Company should Ms. Stinnett terminate her employment voluntarily prior to September 15,
2012. Subject to the approval of and award by the Compensation and Corporate
Governance Committee of the Board of Directors at its next regular meeting on July 27,
2010, Ms. Stinnett will receive options for 100,000 shares of the Companys
common stock in accordance with the terms of either the 2005 or the 2008
Omnibus Stock and Incentive Plan for Thomas Group, Inc. as determined by
the Compensation and Corporate Governance Committee. These options will vest in full on December 31,
2011, assuming Ms. Stinnetts continued employment with the Company on
that date. Ms. Stinnett will also be eligible to participate in the
Companys Incentive Compensation Plan and its Sales Incentive Compensation Plan
as adopted by and as may be modified from time to time by the Compensation and
Corporate Governance Committee, which are applicable to substantially all
employees of the Company and to all of the sales staff of the Company
respectively.
In the event of termination
of her employment with the Company for reasons other than Cause, as defined in
the Employment Agreement, Ms. Stinnett will be entitled to her salary for
three additional months in the event of termination in 2010 or for six
additional months in the event of termination thereafter. In the event of
termination of her employment with the Company due to a Change of Control, as
defined in the Employment Agreement, Ms. Stinnett will be eligible for an
amount equal to twelve months of salary or of twelve months of salary plus
projected bonus, depending on the details of the Change of Control transaction.
The Employment Agreement
also includes certain non-competition and non-solicitation covenants applicable
to Ms. Stinnett during the term of her employment and for one year
following the termination of her employment with the Company.
The foregoing description of
Ms. Stinnetts Employment Agreement is qualified in its entirety by
reference to the Employment Agreement, which is attached as Exhibit 10.1
to this Current Report on Form 8-K and incorporated herein by reference.
2
Ms. Stinnett,
age 51, most recently was President of SumTotal Systems, Inc., a leading
provider of enterprise SaaS software and services for human capital management
and social collaboration, which she joined in 2009. Previously she was Chief Customer Officer and
Senior Vice President at Silicon Graphics, Inc., a leading provider of
large-scale clustered computing, high performance storage, data centers, cloud
computing, and related services, which she joined in 2008. Prior to that she was Chief Customer Officer
and Executive Vice President at i2 Technologies, Inc., a global provider
of enterprise and consumer supply chain solutions, which she joined in
2005. Previously she held roles of
Worldwide Vice President and General Manager at Sybase, Inc. and at
Hewlett Packard Company.
Item 9.01. Financial Statements and Exhibits
(d)
Exhibits
Exhibit Number
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Description
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10.1
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Employment Agreement,
dated July 7, 2010, by and between Thomas Group, Inc. and Barbara
D. Stinnett.
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99.1
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Press release dated
July 12, 2010.
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3
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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Date: July 12, 2010
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By:
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/s/ Frank W. Tilley
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Frank W. Tilley
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Interim Chief Financial Officer
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4
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