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):April 12, 2010
Colfax
Corporation
(Exact
name of registrant as specified in its charter)
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Delaware
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001-34045
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54-1887631
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(State
or other jurisdiction
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(Commission
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(I.R.S.
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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8730
Stony Point Parkway, Suite 150
Richmond,
VA 23235
(Address
of Principal Executive Offices) (Zip Code)
(804) 560-4070
(Registrant’s
telephone number, including area code)
Not
Applicable
(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:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers;
Compensatory
Arrangements of Certain Officers.
Colfax
Corporation (the “Company”), has accepted the resignation of Dr. Michael Matros
as the Company’s Senior Vice President, General Manager—Allweiler,
effective April 12, 2010. The full text of the Company’s press
release issued on April 13, 2010 is attached hereto as Exhibit 99.1 and is
incorporated in this report by reference.
In
connection with Dr. Matros’ resignation, the Company’s Allweiler subsidiary and
Dr. Matros entered into a Termination Agreement (the “Termination Agreement”) on
April 12, 2010, which modifies the terms of the Service Contract for Board
Member between Dr. Matros and the Company dated November 14, 2006 (the “Service
Contract”). The following summary of the terms and conditions of the
Termination Agreement that modify the terms of the Service Contract is qualified
in its entirety by reference to the full text of the Termination Agreement,
which is attached hereto as Exhibit 10.1.
The
Termination Agreement ends the formal service relationship between Dr. Matros
and Allweiler effective as of December 31, 2010 (the “Termination
Date”). However, Dr. Matros’ resignation from his office is effective
as of April 12, 2010 and he is irrevocably released from his duty to render
services to Allweiler as of that date. The Termination Agreement
provides that Dr. Matros will be entitled to receive cash payments
of (i) €16,667.67 per month through the Termination Date as his fixed
remuneration due under the Service Contract, (ii) €54,000 to be paid
on or before the Termination Date in lieu of any bonus for 2010, and (iii) a
€250,001.02 severance payment to be made on or before the Termination
Date.
Item
8.01 Other Events.
On April
13, 2010, the Company announced that Arne Forslund has been
appointed Senior Vice President – Europe, Middle East, Africa and
Asia.
Item
9.01. Financial Statements and Exhibits.
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(d)
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Exhibits
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10.1
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Termination
Agreement, dated April 12, 2010, between Dr. Michael Matros and the
Company
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99.1
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Colfax
Corporation press release dated April 13,
2010
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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.
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Colfax
Corporation
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||||
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Date: April
16, 2010
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By:
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/s/
Thomas M. O’Brien
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||
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Name:
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Thomas
M. O’Brien
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|||
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Title:
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Senior
Vice President, General Counsel and Secretary
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|||
EXHIBIT
INDEX
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10.1
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Termination
Agreement, dated April 12, 2010, between Dr. Michael Matros and the
Company
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99.1
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Colfax
Corporation press release dated April 13,
2010
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EXHIBIT 10.1
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[Verbindliche
deutsche Fassung.]
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[Englische
Übersetzung nur zu Informationszwecken. English translation for
information purposes only.]
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Aufhebungsvertrag
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Termination
Agreement
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zwischen
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between
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Allweiler
AG
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Allweiler
AG
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−
nachfolgend „Gesellschaft“
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−
hereafter the „Company“
−
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und
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and
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Herr
Dr. Michael Matros
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Dr.
Michael
Matros
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| 1. |
Beendigung
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1. |
Termination
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| 1.1 |
Die
Gesellschaft und Herr Matros (zusammen die „Parteien“) beenden
hiermit das zwischen ihnen bestehende Anstellungsverhältnis auf
Veranlassung der Gesellschaft mit Ablauf des 31. Dezember 2010
(„Beendigungsdatum“).
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1.1 |
The
Company and Mr. Matros (together the “Parties”) hereby
terminate the service relationship between them at the initiative of the
Company with effect to the expiration of December 31, 2010 („Termination
Date“).
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| 1.2 |
Zum
gleichen Zeitpunkt enden auch alle sonstigen möglicherweise bestehenden
Arbeits- oder Dienstverhältnisse mit der Gesellschaft oder verbundenen
Unternehmen; die Gesellschaft nimmt diese Erklärung des Herrn Matros im
Namen dieser Unternehmen an.
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1.2 |
At
the same time, all other employment or service relationships that might
exist with the Company or its affiliates shall come to an end; the Company
accepts this declaration of Mr. Matros also in the name of these
entities.
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| 2. |
Vergütung/Abfindung/Pensionen
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2. |
Remuneration/Severance
Payment/Pensions
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| 2.1 |
Bis
zum Beendigungsdatum erhält Herr Matros die Fixvergütung gem. § 2
Abs. 1 seines Vorstandsdienstvertrags vom 14. November 2006
(„Vorstandsdienstvertrag“)
in Höhe von EUR 16.666,67 brutto pro Monat zzgl. der bislang
bezahlten Beiträge zur Sozialversicherung bzw. Zuschüsse zur
Krankenversicherung.
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2.1 |
Until
the Termination Date Mr. Matros will receive his fixed remuneration
pursuant to § 2 para. 1 of the Service Contract for Board Member
dated November 14, 2006 („Service Contract“) in
the amount of EUR 16,666.67 gross per month plus any employer’s
contributions to social security and/or allowances to Mr. Matros’ health
insurance which have been paid in the past.
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| 2.2 |
Gem.
§ 2 Abs. 2 seines Vorstandssdienstvertrags erhält Herr Matros
eine erfolgsabhängige Tantieme. Die Parteien sind sich einig, dass kein
Anspruch auf eine solche Tantieme für das Geschäftsjahr 2010 besteht. Als
Ausgleich dafür zahlt die Gesellschaft Herrn Matros eine Abfindung in Höhe
von EUR 54.000 brutto. Die Abfindung wird zu oder vor Ende Dezember
2010 ausgezahlt. Etwaige Sozialversicherungsbeiträge und Steuern trägt
Herr Matros.
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2.2 |
According
to § 2 para. 2 of his Service Contract Mr. Matros shall receive
a performance-related bonus. The Parties agree that Mr. Matros is not
entitled to such bonus for the financial year 2010. As compensation the
Company will pay to Mr. Matros a severance payment in the amount of
EUR 54,000 gross. The severance payment will be paid on or before the
end of December 2010. Any social security contributions and tax will be
borne by Mr. Matros.
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2/9
| 2.3 |
Daneben
erhält Herr Matros eine Abfindung in Höhe von EUR 166.666,67 brutto
gemäß § 11 Abs. 5 seines Vorstandsdienstvertrags. Die Abfindung
wird zu oder vor Ende Dezember 2010 ausgezahlt. Etwaige
Sozialversicherungsbeiträge und Steuern trägt Herr Matros.
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2.3 |
In
addition, Mr. Matros shall receive a severance payment in the amount of
EUR 166,667.67 brutto pursuant to § 11 para. 5 of his
Service Contract. The severance payment will be paid on or before the end
of December 2010. Any social security contributions and tax will be borne
by Mr. Matros.
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| 2.4 |
Zusätzlich
erhält Herr Matros eine Abfindung in Höhe von EUR 83.333,35 brutto,
die von der Colfax Corp. getragen wird. Die Gesellschaft oder Colfax Corp.
wird die Abfindung zu oder vor Ende Dezember 2010 auszahlen. Etwaige
Sozialversicherungsbeiträge und Steuern trägt Herr Matros.
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2.4 |
In
addition, Mr. Matros shall receive a severance payment in the amount of
EUR 83,333.35 brutto which will be borne by Colfax Corp. The
severance payment will be paid out by the Company or Colfax Corp. on or
before the end of December 2010. Any social security contributions and
taxes will be borne by Mr. Matros.
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| 2.5 |
Für
das Jahr 2010 zahlt die Gesellschaft den Beitrag in die
Unterstützungskasse gemäß § 6 Abs. 1 Vorstanddienstvertrag ein.
Unverfallbare Versorgungs- und Pensionsansprüche bleiben nach Beendigung
des Dienstverhältnisses bestehen.
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2.5 |
For
the year 2010 the Company shall pay the contributions to the benevolent
fund (Unterstützungskasse)
pursuant to § 6 para. 1 Service Contract. Vested pension rights shall
continue to exist after the termination of the service
relationship.
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3/9
| 2.6 |
Die
Parteien sind sich darüber einig, dass Herr Matros außer den in dieser
Ziffer 2 geregelten Ansprüchen keine Ansprüche auf eine fixe oder
variable Vergütung, Ansprüche auf Abfindungen oder sonstige
Zahlungsansprüche gegen die Gesellschaft oder mit ihr verbundene
Unternehmen hat.
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2.6 |
The
Parties agree that apart from the claims stipulated in this section 2
Mr. Matros shall not have any claims to fixed or variable remuneration,
claims to severance payments or other payment claims against the Company
or affiliated companies.
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| 3. |
Freistellung
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3. |
Release
from Duties
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| 3.1 |
Die
Gesellschaft stellt Herrn Matros mit Wirkung ab 12. April 2010
unwiderruflich von der Verpflichtung zur Dienstleistung für die
Gesellschaft bis zum Beendigungsdatum frei.
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3.1 |
The
Company irrevocably releases Mr. Matros from his duty to render services
to the Company with effect as from April 12, 2010 until the
Termination Date.
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| 3.2 |
Durch
die Freistellung sind sämtliche Urlaubsansprüche und mögliche Ansprüche
auf Freizeitausgleich abgegolten.
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3.2 |
All
claims to vacation and any possible claims to compensatory time off shall
be compensated by the release from his duties.
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| 4. |
Amtsniederlegung
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4. |
Resignation
from Office
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| 4.1 |
Herr
Matros wird sein Amt mit Wirkung zum 12. April 2010 niederlegen. Herr
Matros wird die als Anlage 1 beigefügte
Erklärung zur Niederlegung seines Amts zum 12. April 2010
unterzeichnen.
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4.1 |
Mr.
Matros shall resign from his office with effect as from April 12,
2010. Mr. Matros shall sign the resignation letter effective
April 12, 2010 which is attached as Annex 1.
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| 4.2 |
Der
Aufsichtsrat wird der Hauptversammlung vorschlagen, Herrn Matros für seine
Tätigkeit als Vorstandsmitglied Entlastung für das Geschäftsjahr 2010 zu
erteilen.
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4.2 |
The supervisory
board will propose to the annual general meeting (Hauptversammlung) to
grant Mr. Matros formal approval for his actions (Entlastung) as member
of the management board for the financial
year 2010.
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4/9
| 5. |
Dienstwagen
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5. |
Company
Car
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Herr
Matros wird den Dienstwagen nebst sämtlichen Fahrzeugpapieren, Schlüsseln,
allem Zubehör sowie der Tankkarte in der Woche beginnend am 12. April
2010 an die Gesellschaft zurückzugeben.
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Mr. Matros
shall return the company car, together with all vehicle documents, keys,
all accessories and the business fuel card, to the Company in the week
commencing on April 12, 2010.
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| 6. |
Mobiltelefon
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6. |
Cell
Phone
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Herr
Matros will die Telefonnummer seines dienstlichen Mobiltelefons ab dem
12. April 2010 übernehmen. Die Gesellschaft wird alle hierfür
erforderlichen Erklärungen abgeben. Alle Rechnungen für das Mobiltelefon,
die den Zeitraum nach dem 12 April 2010 betreffen, zahlt Herr
Matros.
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Mr.
Matros wants to maintain the phone number of his company cell phone with
effect as from April 12, 2009. The Company will make all necessary
declarations in this regard. Any bills for the cell phone that relate to
the period after April 12, 2009 shall be paid by Mr.
Matros.
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| 7. |
Outplacement
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7. |
Outplacement
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Herr
Matros ist berechtigt, einen Outplacement Service bis zu einem maximalen
Betrag von EUR 20.000 in Anspruch zu nehmen. Die Kosten hierfür trägt
Colfax Corp.
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Mr.
Matros is entitled to make use of an outplacement service up to a maximum
amount of EUR 20,000. The costs in this regard will be borne by
Colfax Corp.
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| 8. |
Geschäfts-
und Betriebsgeheimnisse
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8. |
Business
and Trade Secrets
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Herr Matros
ist verpflichtet, alle ihm während seiner Tätigkeit bekannt gewordenen
betriebsinternen Angelegenheiten, vor allem Geschäfts- und
Betriebsgeheimnisse, auch nach dem Beendigungsdatum geheim zu
halten.
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Mr. Matros
is obliged to maintain confidentiality with respect to all internal
matters of the Company, in particular any business and trade secrets,
which have become known to him during his period of service also after the
Termination Date.
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5/9
| 9. |
Firmenunterlagen
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9. |
Company
Documents
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Herr
Matros wird in der Woche beginnend am 12. April 2010 sämtliche der
Gesellschaft gehörenden Unterlagen und Gegenstände zurückgeben,
insbesondere Waren, Geräte, Apparaturen und alle Unterlagen, die im
Zusammenhang mit seiner Tätigkeit bei der Gesellschaft entstanden sind,
insbesondere Werksausweis, Geschäftspapiere, Hard- und Software inklusive
Disketten, CDs und DVDs und alle gespeicherten Daten und Informationen,
die die Gesellschaft und die Gesellschaften der Firmengruppe betreffen,
Zeichnungen, Skizzen, Briefe, Besprechungsberichte, Versuchsauswertungen,
handschriftliche Notizen, Fotos, Literatur usw. sowie Kopien und
Abschriften dieser Unterlagen.
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Mr.
Matros shall return all documents and items belonging to the Company in
the week commencing on April 12, 2010, in particular products,
equipment, fixtures and all documents relating to his activities with the
Company, in particular the company identification card, business papers,
hardware and software, including diskettes, CDs, DVDs and all stored data
and information pertaining to the Company and the companies in the
Company’s corporate group, drawings, sketches, letters, reports on
meetings, evaluations of experiments, handwritten notes, photos,
literature, etc. as well as photocopies and duplicates of these
documents.
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| 10. |
Geheimhaltungsklausel
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10. |
Confidentiality
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Herr
Matros sichert zu, Stillschweigen hinsichtlich des finanziellen Inhalts
dieses Aufhebungsvertrags gegenüber jedermann zu wahren, es sei denn, er
sei gesetzlich zur Auskunft verpflichtet oder die Auskunft sei aus
steuerlichen oder sozialversicherungsrechtlichen Gründen gegenüber
Behörden oder zur Wahrung von Rechtsansprüchen gegenüber Gerichten
erforderlich.
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Mr.
Matros warrants that he will maintain confidentiality vis-à-vis all others
with regard to the financial matters of this Termination Agreement, unless
legally obliged to render information or such information needs to be
disclosed to public authorities for legal reasons involving taxes or
social security or to courts in order to safeguard legal
claims.
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| 11. |
Erledigungsklausel
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11. |
Discharge
of Claims
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Mit
Ausnahme der in diesem Aufhebungsvertrag geregelten Ansprüche sind alle
Ansprüche von Herrn Matros aus dem Anstellungsverhältnis und seiner
Beendigung, gleich aus welchem Rechtsgrund, egal ob bekannt oder
unbekannt, erledigt. Die Erledigung gilt auch zugunsten von mit der
Gesellschaft verbundenen Unternehmen.
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With
the exception of the claims set forth in this Termination Agreement, any
claims of Mr. Matros arising from the service relationship and its
termination, regardless of the legal grounds involved or whether they are
known or unknown, are discharged. The discharge shall also apply in favour
of entities affiliated with the
Company.
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6/9
| 12. |
Verschiedenes
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12. |
Miscellaneous
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| 12.1 |
Die
deutsche Fassung dieses Aufhebungsvertrags ist maßgeblich.
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12.1 |
The
German version of this Termination Agreement shall
prevail.
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| 12.2 |
Dieser
Aufhebungsvertrag unterliegt deutschem Recht.
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12.2 |
This
Termination Agreement shall be governed by German law.
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| 12.3 |
Sollte
eine Bestimmung dieses Aufhebungsvertrags unwirksam sein, wird die
Wirksamkeit der übrigen Bestimmungen davon nicht berührt. Die Parteien
verpflichten sich, anstelle einer unwirksamen Bestimmung eine dieser
Bestimmung möglichst nahekommende wirksame Regelung zu
treffen.
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12.3 |
Should
a provision of this Termination Agreement be invalid, the validity of the
remaining provisions shall not be affected. The Parties undertake to
replace an invalid provision with a valid one which comes as close as
possible to that
provision.
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Radolfzell April
12, 2010
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Radolfzell April
12, 2010
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Ort,
Datum / Place, Date
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Ort,
Datum / Place, Date
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/s/
Dr. Wolfgang Bosch
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/s/
Dr. Michael Matros
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Dr.
Wolfgang Bosch
(handelnd
als Vorsitzender des Aufsichtsrats im Namen der / acting as chairman
of the supervisory board on behalf of Allweiler AG)
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Dr.
Michael Matros
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7/9
Anlage
1/Annex 1
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Dr.
Michael Matros
Dorfstrasse
19
78345
Moos
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||
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An/To
Den
Aufsichtsrat der/the supervisory board of Allweiler AG
z.Hd./attn.
Dr. Wolfgang Bosch
(Aufsichtsratsvorsitzender
/ Chairman of the Supervisory Board)
Allweilerstraße
1
78315
Radolfzell
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||
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Radolfzell, April 12, 2010
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||
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Amtsniederlegung
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Resignation
from office
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Sehr
geehrter Herr Dr. Bosch,
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Dear
Dr. Bosch,
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Hiermit
lege ich mein Amt als Vorstandsmitglied der Allweiler AG mit Wirkung zum
12. April 2010 aus wichtigem Grund nieder.
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I
herewith resign from my office as member of the management board of
Allweiler AG with effect as from April 12, 2010 for good
cause.
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Mit
freundlichen Grüßen
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Yours
sincerely,
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/s/ Dr. Michael Matros
Dr.
Michael Matros
Das
Amtsniederlegungsschreiben habe ich erhalten./I have received the letter
regarding resignation from office.
Radolfzell,
April 12, 2010
8/9
/s/ Dr. Wolfgang
Bosch
Dr.
Wolfgang Bosch
9/9
EXHIBIT 99.1
 |
Colfax
Corporation
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|
|
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8730
Stony Point Parkway
Suite
150
Richmond,
VA 23235
USA
Tel: (804)
560-4070
Fax: (804)
560-4076
www.colfaxcorp.com
|
|
FOR
IMMEDIATE RELEASE
CONTACT:
Mitzi
Reynolds
(804)
327-5689
mitzi.reynolds@colfaxcorp.com
|
|
COLFAX
NAMES ARNE FORSLUND SENIOR VICE PRESIDENT OF EUROPE, MIDDLE EAST, AFRICA AND
ASIA
Richmond, VA, April 13, 2010 –
Colfax Corporation (NYSE: CFX), a global leader in fluid-handling
solutions for critical applications, today announced that Arne Forslund has been
promoted to the newly-created position of Senior Vice President – Europe, Middle
East, Africa and Asia effective immediately. He will also be
responsible for the Company’s global commercial marine
strategy. Forslund was most recently Managing Director of Colfax
subsidiary Imo AB in Sweden. Michael Matros, Senior Vice President
and General Manager – Allweiler, has resigned and is expected to remain as an
advisor to the Company.
Clay H.
Kiefaber, President and CEO of Colfax said, “Arne has extensive experience in
leading global businesses and implementing lean manufacturing
processes. I’m confident he will be very instrumental in further
driving the Colfax Business System throughout the Company to help us achieve our
long-term goals.”
Forslund
joined Colfax in 2009 and was previously President and CEO of NOTE AB, a
publicly traded provider of electronics manufacturing services based in Sweden
with operations in Europe and China. Prior to joining NOTE in 2005,
he was Operations Director Europe for Teleflex Morse. From 2000 to
2003, Forslund served in several increasingly senior positions for Danaher
Corporation including Global Manufacturing Strategy Manager for Danaher Motion
and President of Danaher Motion Special Purpose Systems in Sweden.
About
Colfax Corporation
Colfax
Corporation is a global leader in critical fluid-handling products and
technologies. Through its global operating subsidiaries, Colfax manufactures
positive displacement industrial pumps and valves used in oil & gas, power
generation, commercial marine, defense and general industrial markets. Colfax’s
operating subsidiaries supply products under the well-known brands Allweiler,
Fairmount Automation, Houttuin, Imo, LSC, Portland Valve, Tushaco, Warren and
Zenith. Colfax is traded on the NYSE under the ticker “CFX.” Additional
information about Colfax is available at www.colfaxcorp.com.
Cautionary
Note Concerning Forward-Looking Statements
This
press release may contain forward-looking statements, including forward-looking
statements within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. Such forward-looking statements include, but are not limited to,
statements concerning Colfax’s plans, objectives, expectations and intentions
and other statements that are not historical or current facts. Forward-looking
statements are based on Colfax’s current expectations and involve risks and
uncertainties that could cause actual results to differ materially from those
expressed or implied in such forward-looking statements. Factors that could
cause Colfax’s results to differ materially from current expectations include,
but are not limited to factors detailed in Colfax’s reports filed with the U.S.
Securities and Exchange Commission as well as its Annual Report on Form 10-K
under the caption “Risk Factors”. In addition, these statements are based on a
number of assumptions that are subject to change. This press release
speaks only as of this date. Colfax disclaims any duty to update the information
herein.
The term
“Colfax” in reference to the activities described in this press release may mean
one or more of Colfax's global operating subsidiaries and/or their internal
business divisions and does not necessarily indicate activities engaged in by
Colfax Corporation.