Attached files
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| EX-10.1 - US DATAWORKS INC | v191865_ex10-1.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
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 29, 2010
(July 26, 2010)
US DATAWORKS,
INC.
(Exact name of registrant as specified in its charter)
(Exact name of registrant as specified in its charter)
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Nevada
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001-15835
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84-1290152
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification Number)
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One
Sugar Creek Blvd., 5th Floor
Sugar
Land, Texas
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77478
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(Address
of principal executive offices)
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(Zip
Code)
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(281)
504-8000
(Registrant’s telephone
number,
including area code)
including area code)
N/A
(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 obligations 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 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 Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangement of Certain Officers
(e) On July 26, 2010, US
Dataworks, Inc. (the “Company”) and John T. McLaughlin, the Company’s former
Chief Accounting Officer and Secretary, entered into that certain Separation and
Release Agreement (the “McLaughlin Separation Agreement”) pursuant to which the
Company and Mr. McLaughlin agreed to their respective rights, duties and
obligations in connection with Mr. McLaughlin’s resignation as an officer of the
Company effective July 1, 2010 and his pending resignation from employment to be
effective August 15, 2010. Pursuant to the McLaughlin Separation
Agreement, the Company agreed to, among other things, (i) make severance
payments totaling $45,000 over the period beginning on August 16, 2010 and
ending on December 31, 2010 in equal installments in accordance with the
Company’s payroll practices, (ii) make additional severance payments totaling
between $0 and $25,000, which total amount will depend on the closing price of
the Company’s common stock on the five trading days preceding August 15, 2010
and which total amount will be paid over the period beginning on August 16, 2010
and ending on December 31, 2010 in equal installments in accordance with the
Company’s payroll practices, and (iii) pay Mr. McLaughlin an additional $700 per
month for four months following August 15, 2010 as reimbursement for certain
health insurance premium payments. Pursuant to the McLaughlin Separation
Agreement, Mr. McLaughlin agreed to, among other things, give the Company a full
and final release of all claims. The foregoing description of the
McLaughlin Separation Agreement is qualified in its entirety by reference to the
McLaughlin Separation Agreement, a copy of which is attached to this Current
Report as an exhibit and incorporated herein by
reference.
Item 9.01. Financial Statements and
Exhibits
(a)
Exhibits
10.
1 Separation and Release Agreement by and between US
Dataworks, Inc. and John T. McLaughlin dated July 26, 2010
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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.
Dated: July 29,
2010
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US
DATAWORKS, INC.
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By:
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/s/ Charles
E. Ramey
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Charles
E. Ramey
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Chief
Executive Officer
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EXHIBIT
INDEX
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Exhibit No.
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Description
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10.1
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Separation and
Release Agreement by and between US Dataworks, Inc. and John T. McLaughlin
dated July 26, 2010.
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