STJ » Topics » Item 1.02 Termination of a Material Definitive Agreement .

This excerpt taken from the STJ 8-K filed Dec 18, 2006.

Item 1.02    Termination of a Material Definitive Agreement.

 

Upon execution of the New Credit Agreement described under Item 1.01 above, effective December 13, 2006, the Company terminated the Prior Credit Agreements. The Company did not incur any early termination penalties in connection with the termination of the Prior Credit Agreements. A brief description of the Company’s material relationship with the Lenders, other than in respect of the Prior Credit Agreement, and of the material terms of the Prior Credit Agreements, is provided under Item 1.01 above.

 

This excerpt taken from the STJ 8-K filed Aug 2, 2006.

Item 1.02    Termination of a Material Definitive Agreement.

Upon execution of the Severance Agreements described under Item 1.01 above, effective July 27, 2006, the Company terminated its prior severance agreements with its executive officers other than Mr. Fetah, whose agreement was terminated in connection with his resignation from the Company, and Ms. Krop, who did not have a prior severance agreement with the Company. The form of the Company’s prior severance agreement with its executive officers was filed as Exhibit 10.18 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2000 and is incorporated herein by reference. A detailed summary of the prior severance agreements can be found in the Company’s Proxy Statement for the Company’s 2006 Annual Meeting of Shareholders filed with the Securities and Exchange Commission on March 30, 2006. The prior severance agreements were substantially similar to the new Severance Agreements except that the prior severance agreements provided for severance pay equal to 3.0 times (rather than the 2.9 times under the new Severance Agreements) the sum of the executive’s annual salary, target bonus, annual perk package and certain other compensation paid to the executive during the 12 months prior to the termination.




The Severance Agreement with Mr. Chavez superseded and replaced, and thus terminated, the Chavez Termination Agreement. The Chavez Termination Agreement was described in, and filed (via incorporation by reference from Exhibit 10.18 of the ANS Quarterly Report on Form 10-Q for the quarter ended March 31, 2002) as Exhibit 10.24 to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2005. The Chavez Termination Agreement provided that, upon a “change-in-control” (as defined in the Chavez Termination Agreement), Mr. Chavez would be entitled to severance pay in an amount equal to 299% of his highest annual salary and targeted annual bonus, payment of any excise taxes Mr. Chavez incurs as a result of the severance payment and payment of any income and excise taxes on the excise tax payments, and a job search payment.

EXCERPTS ON THIS PAGE:

8-K
Dec 18, 2006
8-K
Aug 2, 2006
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