Thursday, September 08, 2005 2:13:51 PM
Still no press release or 8-K on the departure of a senior officer at FSTW (Jeff Longoria, Senior VP of Sales). According to a Press Release by c360, he started there on Sept 1, which means his last day at FSTW would have been Aug 31 at the latest. There have been 4 business days since then (Monday, Sept 5, was a holiday).
According to the SEC regs, "Companies have four days to file a Form 8-K for the events specified in the items in Sections 1-5 and 9".
Section 5 includes "Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers"
No 8-K has been filed regarding Longoria. Thus, FSTW is now out of compliance with SEC regs.
Quotes above taken from:
http://www.sec.gov/answers/form8k.htm
Also, the rumor grapevine says that another senior office, Judi Vitale (Senior Vice President and Chief Financial Officer) has been working in a part-time capacity for a few months. However, there was no news disseminated regarding that status change. It would seem reasonable that her employment agreement would have been amended to account for that change. According to this FAQ on the SEC site, an 8-K should have been filed after that amendment.
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Question 6
Q: If a registrant enters into or amends an employment agreement with a named executive officer or a director, is disclosure required under Item 1.01?
A: Yes. If a registrant enters into an employment agreement with a director or an executive officer who is a "named executive officer," as that term is defined in Item 402(a)(3) of Regulation S-K, or enters into any amendment of such agreement that is material to the registrant, then the registrant must file a Form 8-K under Item 1.01, unless the employment agreement or amendment to the employment agreement is not required to be disclosed under Item 601(b)(10)(iii)(C) of Regulation S-K. The registrant must file an Item 5.02(c) Form 8-K if the officer is newly appointed to one of the positions specified in that Item.
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http://www.sec.gov/divisions/corpfin/form8kfaq.htm
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