TMCnet News
ORBCOMM INC. FILES (8-K) Disclosing Change in Directors or Principal Officers(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (b) On October 22, 2014, ORBCOMM Inc. (the "Company") and Patrick Shay, the Company's former Executive Vice President, Sales & Marketing, entered into a severance agreement and general release of claims, to provide that as a result of his termination of employment with the Company, Mr. Shay will be entitled to receive, subject to the execution and delivery of a release agreement, (i) payment of six (6) months base salary, payable in accordance with the Company's payroll schedule; and (ii) the right to continued vesting of (a) 10,000 time-based stock appreciation rights vesting on December 3, 2014; (b) 10,000 time-based restricted stock units vesting on December 3, 2014; and (c) 18,000 time-based stock appreciation rights vesting on December 31, 2014, in each case that would have otherwise been terminated upon Mr. Shay's termination of employment. 2 -------------------------------------------------------------------------------- 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. ORBCOMM Inc. By /s/ Christian Le Brun Name: Christian Le Brun Title: Executive Vice President, General Counsel and Secretary Date: October 28, 2014 3 |