Attached files
| file | filename |
|---|---|
| EX-10.1 - SEPARATION AGREEMENT AND MUTUAL RELEASE - Betawave Corp. | exhibit_101.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of
report (Date of earliest event reported): December 2, 2009
BETAWAVE
CORPORATION
(Exact
name of registrant as specified in its charter)
|
Delaware
|
333-131651
|
20-2471683
|
|
(State
or other jurisdiction
|
(Commission
|
(I.R.S.
Employer
|
|
of
incorporation)
|
File
Number)
|
Identification
No.)
|
|
706
Mission Street, 10th Floor, San Francisco, California
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94103
|
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
Registrant’s
telephone number, including area code: (415) 738-8706
Not
Applicable
(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):
|
o
|
Written
communications 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
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
5.02
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers.
|
On
December 2, 2009, in connection with the previously-announced termination of
employment of Matt Freeman as Chief Executive Officer of Betawave Corporation
(the “Company”), the Company entered into a Separation Agreement and Mutual
Release (the “Separation Agreement”) with Mr. Freeman. Under the terms of the
Separation Agreement, Mr. Freeman will receive a severance payment (in the form
of a salary continuation) equal to one year’s base salary, which is subject to
reduction to six months’ base salary if Mr. Freeman finds subsequent employment
prior to the expiration of the twelve month period. Mr. Freeman will also
receive a one-time payment of $75,000 payable prior to December 31, 2010. In
addition, the stock options previously granted to Mr. Freeman will continue to
vest through November 30, 2010. These options, to the extent
unexercised, will expire on November 30, 2011. The Separation Agreement contains
a mutual release of claims and a provision regarding
non-disparagement.
The
foregoing description of the Separation Agreement does not purport to be
complete and is qualified in its entirety by reference to the full text of the
Separation Agreement, a copy of which is attached as Exhibit 10.1 to this
Current Report on Form 8-K and is incorporated herein by reference.
|
Item
9.01
|
Financial
Statements and Exhibits.
|
(d) Exhibits.
The
following exhibits are attached to this Current Report on Form 8-K:
|
Exhibit
|
Description
|
|
|
10.1
|
Separation
Agreement and Mutual Release
|
SIGNATURES
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.
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Dated: December
8, 2009
|
BETAWAVE
CORPORATION
By: /s/
Tabreez Verjee
Name:
Tabreez Verjee
Title:
President & Interim CEO
|
EXHIBIT
INDEX
|
Exhibit
|
Description
|
|
|
10.1
|
Separation
Agreement and Mutual Release
|