Westell Technologies 8-K 2017
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): August 23, 2017
WESTELL TECHNOLOGIES, INC.
(Exact name of registrant as specified in charter)
Registrant’s telephone number, including area code (630) 898-2500
(Former name or former address, if changed since last report)
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):
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
On August 23, 2017, Westell Technologies, Inc. ("the Company") announced that Michael T. Moran would depart from his position as Senior Vice President, In-Building Wireless, effective August 25, 2017. Matthew B. Brady, Chief Executive Officer and President of the Company will assume the responsibilities of Mr. Moran.
In connection with Mr. Moran's departure, subject to the execution of a general release of claims and a non-solicitation covenant with respect of the Company's employees and customers for one year following separation of his employment, the Company agreed to pay severance of $18,077. In addition to severance, Mr. Moran would be eligible for continued health benefits at the employee rate with a value of $4,610 for the lesser of three months after separation of employment or until Mr. Moran becomes eligible for coverage by a health plan of a subsequent employer.
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.