BARRETT BUSINESS SERVICES, INC. (NASDAQ:BBSI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On June 9, 2017, at the recommendation of the Compensation Committee of the Board of Directors (the "Board") of Barrett Business Services, Inc. ("BBSI"), the Board adopted the Barrett Business Services, Inc., Nonqualified Deferred Compensation Plan (the "Plan"). Effective July 1, 2017, each of BBSI’s five executive officers will be permitted to defer receipt for income tax purposes of up to 90% of his or her salary, as well as up to 50% of any incentive bonus payable to the officer, whether discretionary or based on attainment of performance goals. Beginning January 1, 2018, BBSI intends to expand availability to participate in the Plan to additional management level employees selected by the Compensation Committee. Deferred amounts will be credited to each participant’s account and adjusted to reflect amounts of income, gain or loss as if the amounts credited to such accounts had been invested in investment funds designated under the Plan and selected by the participant. Participants are immediately vested in credits for their contributions to the Plan and related earnings.
The Plan does not provide for BBSI to make matching contributions. However, the Compensation Committee approved the automatic grant of restricted stock units ("RSUs") under BBSI’s 2015 Stock Incentive Plan, effective on each January 1 and July 1, with a dollar value (based on the closing price of BBSI’s common stock on the grant date or, if not a trading day, the next preceding trading day) equal to 35% of the amount deferred into a participant’s account in the Plan during the preceding six months; provided that the value of such RSUs granted to a single participant may not exceed $75,000 in a calendar year. The RSUs will vest in full on the fifth anniversary of the grant date; provided that the participant continues to be a BBSI employee on that date.
About BARRETT BUSINESS SERVICES, INC. (NASDAQ:BBSI)
Barrett Business Services, Inc. (BBSI) is a provider of business management solutions for small and mid-sized companies. The Company has developed a management platform that integrates a knowledge-based approach from the management consulting industry with tools from the human resource outsourcing industry. BBSI’s core purpose is to advocate for business owners, particularly in the small and mid-sized business segment. The Company offers two categories of services: Professional Employer Services (PEO) and Staffing. It enters into a client services agreement with its PEO clients to establish a co-employment relationship with each client company. Its staffing services include on-demand or short-term staffing assignments, contract staffing, long-term or indefinite-term on-site management and direct placement. It operates through a network of branch offices throughout California, Oregon, Washington, Arizona, Colorado, Idaho, Nevada, Utah, Delaware, Maryland, North Carolina and Virginia.