BLUELINX HOLDINGS INC.
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 12, 2007
BLUELINX HOLDINGS INC.
(Exact name of registrant specified in its charter)
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Delaware
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001-32383
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77-0627356 |
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(State or other
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(Commission
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(I.R.S. Employer |
jurisdiction of
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File Number)
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Identification No.) |
incorporation) |
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4300 Wildwood Parkway, Atlanta, Georgia
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30339 |
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(Address of principal executive offices)
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(Zip Code) |
Registrants telephone number, including area code: (770) 953-7000
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:
¨ 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))
Item
1.01 Entry into a Material Definitive Agreement.
The
information set forth below in Item 5.02 is incorporated by reference
in response to this Item.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On January 12, 2007, BlueLinx Corporation (BlueLinx), the wholly owned subsidiary of BlueLinx
Holdings Inc. (the Company), entered into an employment agreement effective January 22, 2007 with
Lynn A. Wentworth (the Employment Agreement) to serve as the Companys Senior Vice President, Chief
Financial Officer and Treasurer. Ms. Wentworth succeeds Steve G. Skinner, who has served as
Interim Chief Financial Officer since David J. Morris left the
Company effective December 31, 2006.
Ms. Wentworth, 48, has been employed by BellSouth Corporation since 1985 and has progressed through
a variety of positions of increasing responsibility, including tax, strategic planning, investor
relations, financial planning and treasury. Her experience also includes financial and operational
leadership positions with BellSouth Cellular, BellSouth Long
Distance, and Bellsouth Georgia Consumer
Operations. Most recently, Ms. Wentworth served as Vice President and Chief Financial Officer for
BellSouths Communications Group since 2005. Prior to that, she served as BellSouths Vice
President and Treasurer from 2003 through 2004. She also served as BellSouths Assistant Vice
President, Accounts Receivable Management from 2002 through 2003. Prior to joining BellSouth, she
held various tax and audit positions in public accounting. Ms. Wentworth earned a Bachelor of
Science in Business Administration degree from Babson College in Wellesley, Mass., a Master of
Science in Taxation degree from Bentley College in Waltham, Mass., and a Master of Business
Administration degree from Georgia State University. She is a certified public accountant and a
member of the American Institute of Certified Public Accountants and the Georgia Society of
Certified Public Accountants.
Ms. Wentworths
Employment Agreement with BlueLinx is effective January 22,
2007. The Employment Agreement expires on
December 31, 2009, except that it will be renewed automatically for an additional one-year period
unless thirty days prior written notice is given by either party in
advance of the expiration date.
Ms. Wentworths initial annual base salary is $400,000 per
year, prorated for the
portion of a year during which she is employed by the Agreement.
Ms. Wentworth will also be
eligible to receive an annual bonus pursuant to the terms of the Companys annual bonus plan, with
the annual bonus potential to be a target of 60% of her base salary up to a maximum of 120% of base
salary. Payment of the annual bonus is contingent upon satisfaction of
performance goals and bonus criteria which will be defined and approved
by the Compensation Committee of the Companys Board in advance
of each fiscal year, in accordance
with the terms of the applicable bonus plan. For fiscal year 2007, Ms. Wentworth is guaranteed to
receive a bonus of 60% of her base salary. For each of fiscal years 2007, 2008 and 2009, Ms.
Wentworth is also entitled to receive an annual targeted bonus equivalent to $400,000 in value
payable in the form of awards of stock options and/or shares of restricted stock under the
Companys long term equity incentive plan as then in effect, all on such terms and conditions as
the Compensation Committee of the Board shall determine in accordance with the provisions of such
plan. In addition, the Employment Agreement provides that Ms. Wentworth is eligible to participate in all
benefit programs for which senior executives are generally eligible.
Ms. Wentworth
will also receive 10,000 restricted shares of the Companys
common stock on the effective date of the Employment Agreement. The shares will be issued pursuant to the Companys standard restricted stock award
agreement form under the terms of the Companys 2006 Long-Term Equity Incentive
Plan. The shares shall vest over a one-year period. Ms. Wentworth will also receive an option to
purchase 100,000 shares of the Companys common stock (the
Option) on the effective date of the Employment Agreement. The
Option will also be granted under the Companys 2006 Long-Term Equity Incentive Plan pursuant to the
Companys standard stock option agreement form, which provides, among other things, the Option
vests in five equal annual installments beginning on the first
anniversary of the date of the grant. Pursuant to the terms of the
2006 Long-Term Equity Incentive Plan, the exercise price of the option will be
determined based on the closing price of the Companys common stock on the day preceding the grant
date of January 22, 2007.
Under her
Employment Agreement, the Company may terminate Ms. Wentworths employment for cause or without
cause. If Ms. Wentworths employment is terminated without cause or she resigns for good reason,
the agreement provides Ms. Wentworth with, among other things, payment equal to two times her
annual base salary in effect immediately prior to the date of termination, plus two times the cash
bonus amount received by Ms. Wentworth for the fiscal year prior to the year of the termination of
her employment, payable in twenty-four equal monthly installments commencing six months after the
date of termination.
The Employment Agreement also contains confidentiality provisions, as well as a covenant not to
compete during the employment term and continuing for a period of eighteen months following her
date of termination. The foregoing description is qualified in its
entirety by reference to the Employment
Agreement, which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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Exhibit |
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Description |
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10.1 |
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Employment Agreement between BlueLinx Corporation and Lynn A. Wentworth, dated January 12,
2007, effective January 22, 2007 |
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99.1 |
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Press release, dated January 15, 2007, announcing appointment of Lynn A. Wentworth as Chief
Financial Officer and Treasurer |
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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BLUELINX HOLDINGS INC.
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By: |
/s/ Barbara V. Tinsley
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Barbara V. Tinsley |
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General Counsel & Secretary |
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Dated: January 17, 2007
EXHIBIT INDEX
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Exhibit |
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Description |
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10.1 |
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Employment Agreement between BlueLinx Corporation and Lynn A. Wentworth, dated January 12,
2007, effective January 22, 2007 |
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99.1 |
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Press release, dated January 15, 2007, announcing appointment of Lynn A. Wentworth as Chief
Financial Officer and Treasurer |