MAPLEBY HOLDINGS MERGER Corp 8-K 2007
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 12, 2007, OfficeMax Incorporated (the Company) and Michael D. Rowsey, former president of the Companys Contract Division, entered into a General Waiver and Release of Claims (the Release Agreement) pursuant to the Companys Executive Officer Severance Pay Policy.
The Release Agreement provides that Mr. Rowsey, on behalf of himself, his spouse, heirs, executors, administrators, children, and assigns, releases and discharges the Company and its affiliates and employee benefit plans, and all of their respective officers, trustees, directors, employees, agents and shareholders, and all of their successors and assigns, from and for all claims, whether known or unknown as of the execution date of the Release Agreement, other than claims for vested retirement benefits, rights under the Release Agreement and claims that can not be released as a matter of law.
In addition, Mr. Rowsey agrees that he will preserve the confidentiality of all confidential and proprietary information of the Company. Finally, Mr. Rowsey also agrees that during the period in which he is paid severance he will not (i) be directly or indirectly employed by or provide services to a competitor of the Company, (ii) directly or indirectly attempt to solicit any customer of the Company for the purpose of selling or distributing products or services similar to or competing with the Companys, or (iii) attempt to induce any then-current associate of the Company to leave its employ or otherwise interfere with the Companys relationship with its employees.
This summary does not purport to be complete and is subject to and qualified in its entirety by reference to the text of the Release Agreement, included as Exhibit 99.1 to this filing. Exhibit 99.1 is incorporated by reference into this Item 5.02.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1 General Waiver and Release of Claims
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.
Dated: August 16, 2007