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| ROX > SEC Filings for ROX > Form 8-K on 19-Dec-2008 | All Recent SEC Filings |
19-Dec-2008
Entry into a Material Definitive Agreement, Termination of a Material Definitiv
On December 16, 2008, the Compensation Committee of Castle Brands Inc. ("CBI") approved the grant of restricted common stock in lieu of cash retention payments under the retention agreements dated June 15, 2008 between CBI and each of Messrs. John Glover, T. Kelley Spillane and Alfred J. Small. Messrs. Glover, Spillane and Small will receive 214,286, 214,286 and 150,000 restricted common shares, respectively. The restricted stock will vest in two equal annual installments on each anniversary of the date of grant. The grants are subject to stockholder approval of an increase in the number of shares available under CBI's 2003 Stock Incentive Plan, as amended, at the CBI stockholders meeting to be held in January 2009.
Also on December 16, 2008, the CBI Compensation Committee approved an increase in the salary of John Glover from $250,000 to $262,500 effective as of October 11, 2008, the date of his promotion to the position of Chief Operating Officer-US Operations.
On December 17, 2008, CBI entered into letter agreements with each of John Soden, senior vice president, managing director-international, and Seth B. Weinberg, senior vice president, general counsel and secretary, under which their employment will terminate effective December 31, 2008. Messrs. Soden and Weinberg will be entitled to receive the following severance benefits following their execution of a general release of CBI under the terms of their existing employment agreements: continued payment of base salary for a period of 12 months and continued receipt of benefits (including health benefits) for a period of 12 months. In addition, Mr. Soden will continue to receive a €1,300 monthly car allowance for 12 months in consideration for performing specified consulting services to CBI.
In connection with the execution of the letter agreements described in Item 1.01 hereof, the retention agreements dated as of June 15, 2008 between CBI and each of Messrs. Soden and Weinberg were terminated without any payment made thereunder.
As discussed in Item 1.01 hereof, the employment of John Soden, senior vice president, managing director-international, and Seth B. Weinberg, senior vice president, general counsel and secretary, will terminate effective as of December 31, 2008.
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