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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) January 1, 2007
ACCESS WORLDWIDE COMMUNICATIONS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 000-23489 52-1309227
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1820 N. Fort Myer Drive, Arlington, VA 22209
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (703) 292-5210
N/A
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] 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))
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ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS.
On January 1, 2007, Access Worldwide Communications, Inc. (the "Company")
entered into new three (3) year employment agreements (individually, the
"Employment Agreement") with four members of its executive team. Shawkat Raslan,
Chairman, President and Chief Executive Officer, Richard Lyew, Executive Vice
President and Chief Financial Officer, Ted Jordan, Senior Vice President and
Chief Information Officer and Mark Wright, Secretary and General Counsel (each
referred to individually as "Employee"). Mr. Raslan is entitled to a minimum
base salary of $250,000 per year and standard key employee health and other
benefits. Mr. Lyew is entitled to a minimum base salary of $200,000 per year and
standard key employee health and other benefits. Mr. Jordan is entitled to a
minimum base salary of $200,000 per year and standard key employee health and
other benefits. Mr. Wright is entitled to a minimum base salary of $150,000 per
year and standard key employee health and other benefits. Each Employee is
eligible to receive a discretionary bonus which must be approved by the
Compensation Committee of the Board of Directors. If an Employee is terminated
without cause, prior to the end of the term of his Employment Agreement, the
Employee is entitled to a severance benefit equal to nine (9) months base salary
paid in the same periodic installments as the Employee's annual base salary. If
the Employee is terminated by the Company for cause, the Employee will not
receive any severance, and will be paid at the annual base rate accrued to the
date of such termination. Each Employment Agreement also includes other terms
and conditions, which include, but are not limited to terms related to
confidential information, unfair competition, non-interference, and assignment
during consolidation or merger.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
99.1 Employment Agreement, effective January 1, 2007, by and between Access
Worldwide Communications, Inc and Shawkat Raslan.
99.2 Employment Agreement, effective January 1, 2007, by and between Access
Worldwide Communications, Inc. and Richard Lyew
99.3 Employment Agreement, effective January 1, 2007, by and between Access
Worldwide Communications, Inc. and Mark Wright
99.4 Employment Agreement, effective January 1, 2007, by and between Access
Worldwide Communications, Inc. and Ted Jordan
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
ACCESS WORLDWIDE COMMUNICATIONS, INC.
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(Registrant)
Date: January 5, 2007 By /s/ MARK WRIGHT
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Mark Wright
General Counsel, Secretary
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