CRAFT BREW ALLIANCE, INC. 8-K 2013
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 16, 2013
CRAFT BREW ALLIANCE, INC.
(Exact Name of Registrant as Specified in Charter)
929 North Russell Street
Portland, OR 97227-1733
(Address of Principal Executive Offices, Zip Code)
(Registrant’s Telephone Number, Including Area Code)
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 (see General Instruction A.2. below):
(e) On December 16, 2013, Craft Brew Alliance, Inc. (the "Company"), entered into Transition and Separation Agreements with Terry Michaelson and Sebastian Pastore in connection with the previously announced transitions of their positions with the Company.
Mr. Michaelson has agreed to serve as a senior adviser to the Company from the January 1, 2014 transition date until December 31, 2014. Mr. Michaelson will be available full time through June 30, 2014, and as requested thereafter, and his continued employment will be subject to the terms and conditions of his employment letter, dated March 29, 2010 (the "Michaelson Letter"), with supplemental terms as follows:
Mr. Pastore has agreed to serve as a senior consultant to the Company until April 1, 2014, and will be paid $50,000 for his services. Mr. Pastore's continued employment will be subject to the terms and conditions of his employment letter, dated March 29, 2010 (the "Pastore Letter"), provided the termination of employment at April 1, 2014, will be treated as a termination other than "for cause," triggering Mr. Pastore's right to receive twelve months of continuing salary payments as severance. Mr. Pastore will also be eligible to receive any performance award due under his performance award agreement, effective May 25, 2011, and unexercised and outstanding stock options that have been awarded to Mr. Pastore will continue to vest and be exercisable in accordance with their terms.
Mr. Michaelson and Mr. Pastore will each forfeit their rights to further severance benefits if they become employed by or associated with a brewing or other company that is a competitor of the Company or Anheuser-Busch, LLC.
The foregoing summaries of the Transition and Separation Agreements with Terry Michaelson and Sebastian Pastore do not purport to be complete and are qualified in their entirety by reference to the full agreements, which are filed as Exhibits 10.1 and 10.2 to this report and incorporated herein by reference.
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.