This excerpt taken from the LWSN 8-K filed Apr 21, 2008.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 21, 2008, James D. Anderson, Executive Vice President of Global
Services, informed the company that he will resign and depart the
company on June 13, 2008. Mr. Anderson will continue in his position
until that time. A copy of the press release announcing his departure is
attached hereto as Exhibit 99.1.
This excerpt taken from the LWSN 8-K filed Nov 13, 2007.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Adoption and Approval of Amendment No. 2 to the Lawson Software, Inc. Executive Change in Control Severance Pay Plan for Tier 1 Executives
On January 17, 2005, Lawson Software, Inc. adopted the Executive Change in Control Severance Pay Plan for Tier 1 Executives (the Tier 1 Plan), which was amended by Amendment No. 1 on June 26, 2007. Based on the recommendation of the Compensation Committee of the Board of Directors, on November 8, 2007 the Board of Directors of Lawson Software, Inc. approved Amendment No. 2 to the Tier 1 Plan (in the form attached as Exhibit 10.35 to this Report on Form 8-K), to amend effective November 8, 2007 the definitions of Cause, Good Reason and Tier 1, as follows:
Cause the termination of the Participants employment initiated by the Employer because of: (1) if the Participant has entered into any written and executed contract(s) with the Employer, any material breach by the Participant of such contract (as reasonably determined by the Employer) and which is not or cannot reasonably be cured within 10 days after written notice from the Employer to the Participant; (2) any material violation by the Participant of the Employers policies, rules or regulations (as reasonably determined by the Employer) and which is not or cannot be reasonably cured within 10 days after written notice from the Employer to the Participant; or (3) commission of any material act of fraud, embezzlement or dishonesty by the Participant (as reasonably determined by the Employer).
Good Reason the occurrence of any of the following events: (1) a job reassignment that is not at least of comparable responsibility or status as the assignment in effect immediately prior to the Change in Control; (2) a reduction in the Participants Base Pay as in effect immediately prior to a Change in Control; (3) a material modification of the Employers incentive compensation program (that is adverse to the Participant) as in effect immediately prior to a Change in Control; (4) a requirement by the Employer that the Participant be based anywhere other than within thirty miles of the Participants work location immediately prior to a Change in Control (with exceptions for temporary business travel that is consistent in both frequency and duration with the Participants business travel before the Change in Control); or (5) except as otherwise required by applicable law, the failure by the Employer to provide employee benefit programs and plans (including any stock ownership and stock purchase plans) that provide substantially similar benefits, in terms of aggregate monetary value, at substantially similar costs to the Participant as the benefits provided in effect immediately prior to a Change in Control. Termination or reassignment of the Participants employment for Cause, or by reason of Disability or death, are excluded from this definition.
Tier 1 each individual who continues to meet any of the following requirements: (1) the Chief Executive Officer of the Principal Sponsor (CEO), (2) the Chief Financial Officer of the Principal Sponsor (CFO) or (3) an executive officer of the Principal Sponsor, as determined by the Board of Directors of the Principal Sponsor based on Rule 3b-7 of the U.S. Securities Exchange Act.
Approval of Addendum to Employment Agreement with Robert A. Schriesheim
On November 8, 2007, the Company entered into an Addendum to the Employment Agreement dated October 5, 2006 with Robert A. Schriesheim, a director and executive vice president and chief financial officer of the Company, pertaining to the reimbursement of certain travel and living expenses during the three-year period commencing October 2006. The form of
Addendum is attached as Exhibit 10.36 to this Report on Form 8-K. Because airfare costs have been higher than initially estimated, the maximum annual reimbursement amounts were increased from $25,000 per year to $40,000 for year one, $41,600 for year two and $43,400 for year three, and the cumulative three-year limit was increased from $75,000 to $125,000 (plus the applicable tax gross-up), as described in Exhibit 10.36.