VASCO Data Security International, Inc. (NASDAQ:VDSI) 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; Compensation Arrangements of Certain Officers. |
(b)On November10, 2016, Jan Valcke, President Chief Operating
Officer of VASCO Data Security International, Inc. (the Company),
notified the Company of his intent toretire and resign from all
positions he holds with the Company. The Company has accepted
Mr.Valckes resignation, set the effective date as of November15,
2016, and has elected to treat such resignation as a termination
by the Company without cause, as described in theEmployment
Agreemententered into between Mr.Valcke and the Company on
January1, 2005, as amended to the Employment Agreement Amendment,
dated April23, 2009, (collectively, the Employment Agreement). In
accordance with the terms of the Employment Agreement, Mr.Valcke
will receive continuation of his 358,000 Euro base salary per
annum for a period of two years.
A copy of the press release announcing the retirement of
Mr.Valcke is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.
Item9.01. |
Financial Statements and Exhibits. |
(d) |
Exhibits. |
| ExhibitNo. | Description of Exhibit | |
| 99.1 | Press Release dated November15, 2016. |
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