Pyramid Breweries 8-K 2007
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 29, 2007
PYRAMID BREWERIES INC.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
91 South Royal Brougham Way
Seattle, WA 98134
(Address of principal executive offices) (zip code)
Registrants telephone number, including area code: (206) 682-8322
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):
TABLE OF CONTENTS
Item 5.02(b) Departure of Directors or Certain Officers
Effective November 29, 2007, Gary McGrath tendered his resignation from his position as Vice President of Sales of Pyramid Breweries Inc. (the Company), to be effective December 28, 2007.
Mr. Tim McGettigan, who currently serves as South Regional Director of the Company, will be promoted to Vice President of Sales following Mr. McGraths departure. Mr. McGrath will assist in transition of his duties to Mr. McGettigan in the period prior to his departure.
Item 5.02(e) Compensatory Arrangements of Certain Officers
Effective November 29, 2007, the Company entered into an Employment Separation Agreement with Mr. McGrath ("Agreement"). Pursuant to the Agreement, Mr. McGrath will be paid a pro rata share, through December 28, 2007, of any 2007 personal performance bonus awards for which he is eligible under the Companys Officer Incentive Compensation Plan, and a pro rata share, through December 28, 2007, of certain stock awards to which he is entitled. Mr. McGrath will receive salary through June 27, 2008, and will participate in all Company health plans through June 30, 2008. All such compensation is in accordance with Mr. McGraths employment agreement, dated as of October 25, 1999, as amended.
On December 4, 2007, the Company entered into a letter agreement with Mr. McGettigan regarding his promotion, the terms of which are effective as of December 1, 2007. Mr. McGettigan will receive an annual salary of $150,000, and will be granted a Restricted Stock Award of 4,000 shares under the Companys 2004 Equity Incentive Plan, on January 1, 2008. Mr. McGettigan will also be granted stock awards or stock units for an additional 1,000 shares per year subject to the Companys achievement of certain performance goals beginning January 1, 2008 and on the next three anniversaries of that date. The agreement further provides that in the event that Mr. McGettigans employment is terminated by the Company without cause, as defined, he will be entitled to receive a termination payment equal to six months salary.
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: December 4, 2007