Kforce Inc. (NASDAQ:KFRC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

>On March 31, 2017, Kforce Inc. (the “Firm”), changed its severance policy for executive employment agreements. All new executive employment agreements, along with any amendments to existing executive employment agreements, entered into by the Firm will provide for severance benefits (whether related to a termination following a change of control, termination without cause or resignation for good reason)>no greater than 2.99 times the sum of: (a) the employee’s base salary, plus (b) the average of the employee’s last two years’ cash incentive plan payment or other annual cash bonus or award. Additionally, the Firm also determined that in all new executive employment agreements, along with any amendments to existing executive employment agreements, it will exclude from any severance calculation (whether related to termination following change in control, termination without cause or resignation for good reason) any non-cash form of compensation, including equity awards.

As a result of the implementation of this policy, given the fact that the employment agreement of Mr. Peter M. Alonso, the Firm’s Chief Talent Officer, had recently been amended on February 20, 2017 as a result of recent changes in his duties, the Firm indicated to Mr. Alonso that his employment agreement would be amended to implement the new policy as a condition to his continued employment. Mr. Alonso, on March 31, 2017, declined to accept the proposed amendment and, as a result of this and the recent changes in his duties, notified the Firm he was resigning for good reason to the terms of his employment agreement. Mr. Alonso’s resignation was accepted by the Firm and he will be paid $862,110.00 to the terms of his employment agreement as severance, which equates to 1.6 times Mr. Alonso’s current base salary plus the average of the last two years’ annual cash incentive. Mr. Alonso will forfeit all unvested equity awards as of the date of separation from the Firm, which is expected to be May 1, 2017.

About Kforce Inc. (NASDAQ:KFRC)
Kforce Inc. is engaged in providing professional and technical specialty staffing services and solutions. The Company operates through three segments, which include Technology (Tech), which provides both temporary staffing and permanent placement services to its clients, focusing primarily on areas of information technology, such as systems/applications, e-commerce, technology infrastructure, network architecture and security; Finance and Accounting (FA), which is engaged in providing both temporary staffing and permanent placement services to its clients in areas, such as general accounting, business analysis and others, and Government Solutions (GS), which is engaged in providing services and solutions to the Federal Government as both a prime contractor and a subcontractor in the fields of information technology, and finance and accounting. The Company offers various staffing services that consist of temporary staffing services (Flex) and permanent placement services (Direct Hire). Kforce Inc. (NASDAQ:KFRC) Recent Trading Information
Kforce Inc. (NASDAQ:KFRC) closed its last trading session down -0.20 at 22.30 with 95,460 shares trading hands.