MPC 8-K 2008
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
July 25, 2008
Date of Report (Date of earliest event reported)
(Exact Name of Registrant as Specified in Charter)
906 East Karcher Road, Nampa, ID 83687
(Address of principal executive offices)
(Registrants telephone number, including are 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:
o Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.02 Termination of a Definitive Material Contract
On July 25, 2008, MPC Corporation (the Company) entered into a Termination Severance and Release Agreement with Ross Ely, the Companys former Executive Vice President, Marketing and Sales. Mr. Elys Employment Agreement dated October 15, 2007 was terminated.
In connection with the termination of his Employment Agreement, Mr. Ely will receive severance of six months base pay in a total amount of $120,000, with $40,000 paid on August 8, 2008 and the remaining balance paid in bi-weekly installments over nine pay periods to end on December 12, 2008. Mr. Ely is also entitled to reimbursement of up to six months of COBRA premiums. Mr. Ely agreed to release all claims against the Company and reconfirmed his obligations with respect to non-competition and treatment of confidential information.
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.