On Assignment, Inc. (NYSE:ASGN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Principal Officers; Election
of Directors; Appointment of Principal Officers; Compensatory
Arrangements of Certain Officers.
Directors of On Assignment, Inc. (the Company) unanimously
approved the On Assignment, Inc. Deferred Compensation Plan (the
Plan) effective as of June 1, 2017. Under the Plan, a select
group of management or highly compensated employees of the
Company and its subsidiaries as designated by the Company,
including the Companys named executive officers, may participate
in the Plan to defer receipt of their cash compensation,
including up to 75 percent of their salaries and 100 percent of
their bonuses. Amounts contributed to the Plan will not be
subject to federal or state income taxes until these amounts are
ultimately distributed to the participants of the Plan. These
amounts will, however, be subject to employment taxes at the time
at which such amounts are earned.
Section 409A. Participant elections with respect to deferrals of
compensation and distributions must generally be made in the year
preceding that in which the compensation is earned, except that
elections with respect to performance-based bonuses may be made
as late as six months prior to the end of the applicable
performance period (June 30th in the case of a
calendar-year performance period). In addition, newly eligible
Participants may be able to make deferrals elections for their
salaries up to 30 days after they first become eligible to
participate in the Plan, if later than the end of the year
preceding that in which such deferred amounts will be earned.
Participants may only change existing elections with respect to
distributions if they satisfy certain requirements set forth in
the Plan, including that they do so no later than 12 months prior
to the first scheduled distribution and that they extend their
deferral elections by at least five years.
deferrals and any notional earnings on their deferrals, amongst
various investment alternatives made available by the Plan
administrator for purposes of determining any notional gains or
losses on Participant account balances. These allocations will be
hypothetical only and will not give Participants ownership
interest in any actual assets of the Company or any trust funding
obligations under the Plan, however, the Company may set aside
assets to fund its obligations under the Plan in a limited
(rabbi) trust, subject to the claims of the Companys creditors in
the event of the Companys bankruptcy or insolvency.
accounts: (i) while still in the service of the Company, in
either a lump sum or in two to 10 annual installments occurring
(or beginning) no earlier than two years after such amounts were
earned; or (ii) upon a separation from service, in a lump sum or
up to 10 annual installments (beginning no earlier than six
months after separation from service). If a participant separates
from service with the Company and its affiliates for any reason
other than due to the participants death, disability or a change
of control event, the remaining balance of the Participants
account will generally be distributed with a lump sum or up to 10
annual installments beginning within two years of the separation
from service. In addition, a Participants account balance will be
distributed shortly after the first business day of the month
following the Participants death or disability or a change of
control event related to the Company or the subsidiary for which
the participant is employed, without regard to any participant
election.
and is subject to, and qualified in its entirety by, the full
text of the Plan, which is filed as Exhibit 10.1 and is
incorporated herein by reference.
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(d)
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Exhibits
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10.1
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On Assignment, Inc. Deferred Compensation Plan
effective as of June 1, 2017 |
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ON ASSIGNMENT INC ExhibitEX-10.1 2 dc_plan2017.htm EXHIBIT 10.1 Exhibit Exhibit 10.1 ON ASSIGNMENT,…To view the full exhibit click here About On Assignment, Inc. (NYSE:ASGN)
On Assignment, Inc. is a provider of professionals in the technology, life sciences and creative sectors. The Company matches people into positions for contract, contract-to-hire and direct hire assignments. Its operating segments include the Apex Segment and the Oxford Segment. The Apex Segment provides a spectrum of technical and scientific professionals for contract, contract-to-hire and permanent placement positions to Fortune 1000 and mid-market clients across the United States. The Apex Segment businesses serve markets with a large and local pool, and provide a range of skills through a network of local offices. The Apex segment businesses include Apex Systems, LLC (Apex Systems), Lab Support, LLC (Lab Support) and Creative Circle, LLC (Creative Circle). The Oxford Segment provides staffing and consulting services in select skill and geographic markets, and its businesses include Oxford Global Resources, LLC (Oxford), CyberCoders, Inc. (CyberCoders) and Life Sciences Europe.