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) May 12, 2010
Autobytel
Inc.
(Exact
name of registrant as specified in its charter)
Delaware
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0-22239
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33-0711569
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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18872
MacArthur Boulevard, Suite 200, Irvine, California
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92612-1400
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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 (949) 225-4500
(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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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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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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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 5.02
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers.
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(b)
Termination of the Employment of Mark A. Garms as Executive Vice President
and Chief Operating Officer.
As a
result of a restructuring of management reporting obligations and a decision to
eliminate the position of Chief Operating Officer, Mark A. Garms, the Executive
Vice President and Chief Operating Officer of Autobytel Inc., a Delaware
corporation (“Autobytel”
or “Company”), elected
to terminate his employment with the Company for good reason in accordance with
his Amended and Restated Severance Agreement dated as of September 29, 2008
(“Severance
Agreement”). The effective date of Mr. Garms’ resignation was
May 14, 2010.
Mr. Garms
is entitled to severance benefits pursuant to his Severance Agreement dated as
of September 29, 2008, a copy of which was filed as Exhibit 10.3 to Autobytel’s
Form 8-K filed October 3, 2008 and is incorporated herein by reference, provided
that he executes and delivers, and does not revoke, a separation and release
agreement in accordance with, and within the time periods specified in, the
Severance Agreement. In addition, the vesting of all of Mr. Garms'
outstanding stock options and restricted stock awards was accelerated pursuant
to the awards agreements with Mr. Garms upon the termination of Mr. Garms'
employment with the Company.
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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.
Autobytel
Inc.
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By: |
/s/
Glenn E. Fuller
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Glenn
E. Fuller, Executive Vice President,
Chief
Legal and Administrative Officer and
Secretary
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Date: May
18, 2010
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