TRINET GROUP, INC. (NYSE:TNET) 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.
On August 16, 2018, TriNet Group, Inc. (the “Company”) entered into a transition agreement (the “Transition Agreement”) with Brady Mickelsen, the Company’s Senior Vice President, Chief Legal Officer & Secretary, who will be stepping down to pursue other professional and personal interests. to the Transition Agreement, Mr. Mickelsen has agreed to continue to serve in his current capacity to provide for an orderly transition of his duties and responsibilities, through the earliest of (i) such time as his successor commences employment with the Company, and (ii) December 31, 2018 (such earliest date, the “Transition Date”). In addition, if the Transition Date occurs before December 31, 2018, Mr. Mickelsen has agreed to continue with the Company as a Senior Vice President until December 31, 2018, to assist with the transition of his duties to his successor. The Transition Agreement also provides for a release of claims and includes other customary provisions. Under the Transition Agreement, Mr. Mickelsen will be entitled to receive the following: (i) a lump sum cash severance payment equal to 12 months of his current base salary, (ii) an annual bonus for 2018, (iii) if Mr. Mickelsen elects to continue his participation in the Company’s group health insurance plan under applicable COBRA regulations, the Company will pay the applicable COBRA premiums for a period of up to 12 months, and (iv) accelerated vesting of all unvested equity awards that would have otherwise vested through and including December 31, 2019.
The foregoing description of the Transition Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Transition Agreement, a copy of which will be filed concurrently with filing of the Company’s next quarterly report on Form 10-Q.
About TRINET GROUP, INC. (NYSE:TNET)
TriNet Group, Inc. (TriNet) is a provider of human resources (HR) solutions for small to medium-sized businesses (SMBs). The Company’s human resource solutions include offerings, such as multi-state payroll processing and tax administration; employee benefits programs, including health insurance and retirement plans; workers compensation insurance and claims management; federal, state and local labor, employment and benefit law compliance; risk mitigation, including employment practices claims management; expense and time management, and human capital consulting. Its cloud-based HR software systems are used by its clients and their employees, whom it refers to as worksite employees (WSEs), to store and manage their HR-related information and conduct a range of HR-related transactions anytime and across the world. It has served over 12,700 clients in all over 50 states, the District of Columbia and Canada, co-employed over 324,000 WSEs.