Attached files
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| EX-10.1 - TECHTEAM GLOBAL INC | v170103_ex10-1.htm |
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): December 23,
2009
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TECHTEAM
GLOBAL, INC.
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(Exact
name of registrant as specified in its
charter)
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Delaware
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0-16284
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38-2774613
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
No.)
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(IRS
Employer
Identification
No.)
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27335
West 11 Mile Road
Southfield,
Michigan
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48033
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number including area code: (248)
357-2866
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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:
£ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230
.425)
£ 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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|
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£
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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-2-
Item
5.02 Departures
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers
On
December 23, 2009, TechTeam Global, Inc. (the
“Company”) finalized the terms upon which Christoph Neut was separated
from the Company under the laws of Belgium. The Company paid a termination
indemnity with an estimated cost to the Company of €625,000. The
parties also entered into a Services Agreement, under which Mr. Neut is
providing assistance to the Company to close new sales opportunities. The
Services Agreement ends on December 31, 2009, and the Company agreed to pay
€90,000 for these services.
On December 29, 2009, the
Company entered into an Employment Agreement Amendment (“Amendment”) with Gary
J. Cotshott, the Company’s President and Chief Executive Officer. The Amendment
is attached here to as Exhibit 10.1. The Amendment amended Mr. Cotshott’s
Employment and Non-Competition Agreement dated as of February 11, 2008
(“Employment Agreement”) as follows: (a) Mr. Cotshott waived his
right to receive Annual Grant Options described in Section 2(b)(ii)(b) of the
Employment Agreement with respect to the 2009 fiscal year; (b) the Company
agreed to award Mr. Cotshott 25,000 shares of restricted stock immediately,
25,000 shares of restricted stock on January 4, 2010, and 10,000 shares of
restricted stock on January 3, 2011; (c) the Company and Mr. Cotshott released
each other from any potential claims they may have against each other through
the date of the Amendment, including any claims related to whether prior changes
in the Company’s Board of Directors constituted a change of control under the
Employment Agreement; (d) the Company reimbursed Mr. Cotshott $40,000 for
reasonable legal or other fees incurred in respect of the negotiation,
preparation and documentation of his employment arrangements with the Company.
The terms of the restricted stock awards are set forth in the
Amendment.
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Item 9.01
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Financial Statements and
Exhibits
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(D) The
following exhibits are included with this report:
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Exhibit
10.1
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Employment
Agreement Amendment dated December 29,
2009.
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-3-
SIGNATURE
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 thereunto
duly authorized.
| TECHTEAM GLOBAL, INC. | |||
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By:
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/s/ Michael A. Sosin | |
| Michael A. Sosin | |||
| Vice President, General Counsel and Secretary | |||
Date:
December 29, 2009
-4-
EXHIBIT
INDEX
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Exhibit No.
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Description
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10.1
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Employment
Agreement Amendment, dated December 29,
2009
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E-1