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| SRX > SEC Filings for SRX > Form 8-K on 9-Dec-2008 | All Recent SEC Filings |
9-Dec-2008
Change in Directors or Principal Officers, Financial Statements and Exhibit
(b) On December 3, 2008, SRA International, Inc. (the "Company") announced that its Chief Financial Officer, Stephen C. Hughes, will retire from the Company effective June 30, 2009. Mr. Hughes is expected to serve as the Company's Chief Financial Officer until February 28, 2009 and, thereafter, will be available to assist in transitioning a new Chief Financial Officer. A copy of the press release, dated December 3, 2008, announcing the retirement of Mr. Hughes is attached hereto as Exhibit 99.1.
(e) The Company entered into a non-binding agreement with Mr. Hughes setting forth the expected terms of his retirement. The principal expected terms include a lump sum payment within 15 days of retirement consisting of his current base salary of $365,000 plus an additional $500,000, residual cash incentive payments for the previous two fiscal years, the cash value of unused vacation, 18 months of estimated health insurance costs, and either $12,000 or executive transition services. Additionally, Mr. Hughes will participate in the Company's cash incentive program for fiscal year 2009, with an annual target of $438,000. Mr. Hughes will continue to vest in his outstanding stock options and restricted stock shares until his retirement date and will have two years from retirement to exercise vested stock options. The final terms of Mr. Hughes' retirement will be set forth in a separation agreement, which will include a release of any claims and a one-year non-compete agreement.
(d) Exhibits
Exhibit
Number Exhibit
99.1 Press Release dated December 3, 2008, announcing the retirement of
Chief Financial Officer, Stephen C. Hughes.
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