Attached files
| file | filename |
|---|---|
| EX-10.27 - CASPIAN SERVICES INC | ex1027form8k050110.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): May 1, 2010
|
CASPIAN SERVICES, INC.
|
||||
|
(Exact
Name of Registrant as Specified in its Charter)
|
||||
|
Nevada
|
000-33215
|
87-0617371
|
||
|
(State
or other jurisdiction of incorporation)
|
Commission
File
Number)
|
(IRS
Employer
Identification
Number)
|
||
|
257 East 200 South, Suite 490, Salt Lake City,
Utah
|
||||
|
(Address
of principal executive offices)
|
||||
|
84111
|
||||
|
(Zip
code)
|
||||
|
(801) 746-3700
|
||||
|
(Registrant’s
telephone number, including area code)
|
||||
|
N/A
|
||||
|
(Former
name of 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:
|
[
]
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
[
]
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
[
]
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
[
]
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On May 1,
2010 Caspian Services, Inc. (the “Company”) terminated the employment of Mr.
John Baile as the Company’s Chief Financial Officer and all other positions Mr.
Baile held with the Company or any of its subsidiaries. In connection
with his termination, the Company entered into a Separation Agreement and
Release with Mr. Baile, dated May 1, 2010, (the “Agreement”) which provides for
a severance payment of $150,000 and continued medical insurance benefits until
December 31, 2010. Mr. Baile will retain all equity securities
previously awarded to him that had vested by his termination date, in accordance
with the terms of their individual awards. Any unvested awards will
be cancelled. The foregoing description of the Agreement in this
Current Report is only a summary of that document and is qualified in its
entirety by reference to the full text of the Agreement, which is attached as
Exhibit 10.27 to this Current Report on Form 8-K.
The board of directors has appointed
Andrey Yuryev as acting Chief Financial Officer until a permanent replacement
for Mr. Baile is hired. Mr. Yuryev has been employed as the Company’s
Financial Reporting Manager since November 2007. In that capacity Mr.
Yuryev has been responsible for the preparation of the Company’s consolidated
financial statements and disclosures contained in the Company’s periodic reports
filed with the U.S. Securities and Exchange Commission (“SEC”). He is
also responsible for supervision of the Company’s financial reporting
department. Prior to joining the Company, Mr. Yuryev was
employed with PriceWaterhouseCoopers in Kazakhstan from February 2006-October
2007 as a Senior Consultant in its Assurance Department, where he was engaged by
a number of natural resource and service companies in Kazakhstan. Mr.
Yuryev also worked for PriceWaterhouseCoopers from July 2002-April 2004 as an
Accountant. From April 2004- November 2005 Mr. Yuryev held several
positions with PetroKazakhstan including Facilities Cost Accountant and
Financial Analyst. During his time with PetroKazakhstan, Mr. Yuryev
responsibilities included preparation of management reports, monthly, quarterly
and annual financial statements and other documentation. Mr. Yuryev
is an ACCA (Association of Chartered Certified Accountants)
Affiliate. He earned a Masters of Business Administration from the
Kazakhstan Institute of Management, Economics and Strategic Research in 2001 and
a degree in Engineering and Ecology from the Kazakh State Academy of
Architecture and Construction in 1997.
Mr. Yuryev is 35 years
old. He is not currently, nor has he in the past five years been, a
nominee or director of any U.S. reporting issuer. There are no family
relationships between Mr. Yuryev and any executive officer or director of the
Company.
Item
9.01. Financial Statements and Exhibits
(d) Exhibits
|
Exhibit
10.27
|
Separation
Agreement and Release dated May 1,
2010.
|
2
SIGNATURE
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.
|
CASPIAN
SERVICES, INC.
|
||
|
Date:
May 5, 2010
|
By:
|
/s/
Alexey Kotov
|
|
Alexey
Kotov
|
||
|
Corporate
Secretary
|
||
3