ITEM 8.01 Other Events.
As previously announced, on June 12, 2009, by action of the Board of Directors of Brightpoint, Inc. (the "Company"), Michael Koehn Milland, who had served as the Company's President of Europe, Middle East and Africa since June 30, 2008, ceased to be one of the Company's named executive officers. In connection therewith the Company also announced that it was negotiating a Separation and Release Agreement ("Separation Agreement") and a three-year consulting agreement ("Consulting Agreement") with Mr. Milland and the anticipated terms of those agreements.
On June 30, 2009, the Company entered into the Separation Agreement and Consulting Agreement with Mr. Milland, which will take effect on August 1, 2009. As anticipated, the agreements provide that the Company will pay Mr. Milland his current base salary for three years following the termination of his employment, together with additional payments, including reasonable housing, moving and storage expense reimbursement. Mr. Milland's earned restricted stock units will continue to vest during the term of the Consulting Agreement. The Company has also agreed to grant Mr. Milland 39,816 additional shares of restricted stock that will vest in accordance with the terms of the Consulting Agreement. The agreements contain non-compete, non-solicitation and non-disclosure provisions in addition to those that survive from Mr. Milland's employment agreement with the Company.