COMPUTER TASK GROUP, INCORPORATED (NASDAQ:CTG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February8, 2017, Computer Task Group, Incorporated (the
Company) entered into an employment agreement with the Chief
Executive Officer of the Company, Mr.ArthurW. (Bud) Crumlish. As
previously disclosed, Mr.Crumlish will receive an annual base
salary of $360,000 and variable incentive target compensation of
$360,000 under his employment agreement, as per the compensation
package approved by the Board on August9, 2016. The employment
agreement also provides for other benefits and perquisites,
including reimbursement for individual tax services, an allowance
for non-covered
medical expenses, insurance coverage and other customary
benefits.
Under the
employment agreement, if Mr.Crumlishs employment with the Company
is terminated other than for cause, death or disability, or if he
terminates his employment with the Company for good reason,
subject to his signing a release of claims, he will be entitled
to (i)a payment equal to his annual base salary at the rate in
effect immediately prior to the date of termination plus the
average annual cash incentive compensation over the last 3 years,
(ii)up to 12 months of continued coverage to COBRA and
(iii)stock-based incentive compensation plan payout under each
stock-based incentive compensation plan maintained by the Company
to the terms of and within the periods specified in each such
stock-based incentive compensation plan that may then be
applicable.
The foregoing
description of the employment agreement with Mr.Crumlish does not
purport to be complete and is qualified in its entirety by
reference to the employment agreement with Mr.Crumlish, which is
attached as Exhibit 10.1 to this Current Report on Form 8-K and
is incorporated herein by reference.
| Item9.01 | Financial Statements and Exhibits. |
(d)
Exhibits
| Exhibit Number |
Description |
|
| 10.1 |
Employment Agreement, signed February8, 2017, between Computer Task Group, Incorporated and Arthur W. Crumlish. |
About COMPUTER TASK GROUP, INCORPORATED (NASDAQ:CTG)
Computer Task Group, Incorporated (CTG) is an information technology (IT) solutions and staffing services company. The Company primarily operates in the segment of providing IT services to its clients. The Company has operations in North America and Europe. The Company is engaged in providing IT services, including IT Solutions, and IT and other Staffing. CTG provides these primary services to all of the markets that it serves. The services provided encompass the IT business solution life cycle, including phases for planning, developing, implementing, managing, and maintaining the IT solution. It provides administrative or warehouse employees to clients to supplement the IT resources. The Company promotes a portion of its services through five vertical market focus areas: technology service providers, manufacturing, healthcare (which includes services provided to healthcare providers, health insurers, and life sciences companies), financial services, and diversified industrials. COMPUTER TASK GROUP, INCORPORATED (NASDAQ:CTG) Recent Trading Information
COMPUTER TASK GROUP, INCORPORATED (NASDAQ:CTG) closed its last trading session up +0.09 at 4.84 with 25,819 shares trading hands.
