Delaware | 20-4748747 | |
(State or other jurisdiction of | (IRS Employer | |
incorporation) | Identification No.) |
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
It was determined that Mr. Beutner, Co-Chief Executive Officer and President of Evercore Partners Inc. (the "Company") would go on medical leave in order to recuperate from a major surgery that was undertaken to address a neck injury he sustained in an accident several years ago. The surgery requires an extended recuperation. During this period, Mr. Beutner will remain an employee and director of the Company, while other members of senior corporate management have assumed Mr. Beutner's corporate responsibilities.
5.02(e)
As previously announced in conjunction with the Company's second quarter of 2007 earnings release, the Company changed its annual compensation program to include time vested, stock based compensation awards as a component of the annual bonus awards for Senior Managing Directors and other employees. As part of that change, the Co-CEOs also agreed to receive 50% of their annual incentive bonus awards in equity.
The Amendments also made certain changes to comply with the applicable requirements associated with Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"). In particular, the Amendments: (1) conform the definition of "good reason" to the requirements of regulations under Section 409A , (2) eliminates the Company's ability to provide cash in lieu of continued post-employment health benefits, and (3) cla rifies that amounts payable to an executive upon separation from service will be delayed only if and to the extent required to avoid adverse treatment under Section 409A.
The above description of the Amendments is qualified in its entirety by reference to the copies of such amended agreements filed herewith as Exhibits 10.1, 10.2 and 10.3 and incorporated herein by reference.
EX-10.1 Employment Agreement between Evercore Partners Inc. and Roger C. Altman
EX-10.2 Employment Agreement between Evercore Partners Inc. and Austin M. Beutner
EX-10.3 Employment Agreement between Evercore Partners Inc. and Pedro Aspe
Evercore Partners Inc. | ||||||||
Date: February 12, 2008 | By: | /s/ Adam B. Frankel | ||||||
Adam B. Frankel | ||||||||
General Counsel | ||||||||
Exhibit No. | Description | |
EX-10.1 | Employment Agreement between Evercore Partners Inc. and Roger C. Altman | |
EX-10.2 | Employment Agreement between Evercore Partners Inc. and Austin M. Beutner | |
EX-10.3 | Employment Agreement between Evercore Partners Inc. and Pedro Aspe |