ZAIS GROUP HOLDINGS, INC. (NASDAQ:ZAIS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On November 20, 2017, Denise Crowley, a Managing Director of ZAIS Group Holdings, Inc.’s (the “Company”) operating subsidiary, ZAIS Group, LLC (“ZAIS”), and the Head of ZAIS’s Securitized Credit Business, was appointed as the Company’s Head of Business Development and Client Relations. She succeeds Gregory Barrett.
On November 20, 2017, Gregory Barrett entered into a Separation and Release Agreement (the “Agreement”) with ZAIS. to the Agreement, Mr. Barrett resigned as the Company’s Head of Business Development and Client Relations effective immediately. Under the Agreement, Mr. Barrett will remain an employee of ZAIS through December 31, 2017 and will be available to conduct business at the request of the Company. Mr. Barrett will continue to receive his base salary and benefits through December 31, 2017. Additionally, in lieu of any amounts otherwise due to him, Mr. Barrett will also be entitled to receive a payment of $500,000 on December 31, 2017 subject to his compliance with the terms of a non-competition, non-solicitation, confidentiality and intellectual property agreement between Mr. Barrett and ZAIS and his compliance with ZAIS’s policies and procedures. If Mr. Barrett breaches the Agreement, all of the payments and other benefits to which he is entitled to under the Agreement would be subject to forfeiture.