SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 of 15(d) of the
Securities Exchange Act of 1934
December 31, 2011
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
7555 Irvine Center Drive
Irvine, California 92618
(Address of principal executive offices, zip code)
(Registrants telephone number, including area code)
(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 issuer under any of the following provisions:
On December 31, 2011, Local.com Corporation (the Registrant) and Michael Plonski agreed to terminate Mr. Plonskis employment with the Registrant as its chief technology officer without Cause, as defined under Mr. Plonskis Amended and Restated Employment Agreement dated April 26, 2010. On December 31, 2011, the Registrant entered into a separation and general release agreement (Separation Agreement) with Mr. Plonski. Under the terms of the Separation Agreement, the Registrant will pay Mr. Plonski $279,669.60, representing one years base salary in equal installments over the following twelve month period. The Registrant will also pay Mr. Plonski $120,193, representing all of the bonus payments received by Mr. Plonski in the four fiscal quarters immediately preceding the date of separation, payable in accordance with the Registrants bonus payment structure over the following twelve month period. In addition, the Registrant will pay 100% of Mr. Plonskis health insurance premiums through December 2012 if Mr. Plonski elects to continue his health care insurance coverage under COBRA. Mr. Plonski has the right to exercise any vested stock options through December 31, 2012.
Mr. Plonskis separation from the Company is not as a result of any disagreement with the company, its management or its auditors. Mr. Plonski has agreed to certain confidentiality and intellectual property protection provisions in connection with his separation from the Company.
The description of the Separation Agreement herein is limited in its entirety by the terms of the Separation Agreement filed as Exhibit 10.2 and is incorporated herein by reference. On December 15, 2011, the Registrant filed a Form 8-K announcing that Mr. Plonski would no longer serve as the head of its technology effective December 12, 2011.
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.