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): November 29, 2012

 

CardioNet, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Registrant’s telephone number, including area code: (610) 729-7000

 

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:

 

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.

 

On November 29, 2012, CardioNet, Inc. (the “Company”) and Jareer Kasrawi, the Company’s Senior Vice President, Strategic Contracting, agreed that Mr. Kasrawi would leave the Company. Mr. Kasrawi’s departure constituted a termination without “cause” under the employment agreement, dated June 28, 2011, between the Company and Mr. Kasrawi. This decision was made as part of the Company’s continuing effort to reduce costs and gain operational efficiencies.

 

Under his employment agreement, Mr. Kasrawi is entitled to receive a severance payment of $360,000, to be paid in twelve (12) monthly installments of $30,000 each, that consists of the following: (i) an amount equal to $240,000, which represents one times (1.0x) Mr. Kasrawi’s base salary, plus (ii) an amount equal to $120,000, which represents one times (1.0x) his on-target annual performance incentive bonus (or fifty (50%) of his base salary).

 

These payments are subject to applicable tax withholdings. The payment of these amounts is subject to Mr. Kasrawi’s execution and non-revocation of a Release and Waiver of Claims.

 

Mr. Kasrawi will also be eligible for continued participation in our medical, dental and vision plans for a period ending on the earlier of: (i) November 29, 2013, or (ii) the date on which Mr. Kasrawi becomes eligible to enroll in any similar plan offered by another employer, at the same premium rates and cost sharing as may be charged from time to time for our employees generally, as if Mr. Kasrawi had continued to be employed by the Company during such period. Mr. Kasrawi will bear any tax consequences of this arrangement. Mr. Kasrawi will remain subject to the Company’s Proprietary Information and Inventions Agreement, and remains subject to restrictions on disclosure of confidential information of the Company. In addition, Mr. Kasrawi will be subject to a covenant not to compete with the Company during the twelve-month period in which his severance payments are made.

 

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.

 

 

	CardioNet, Inc.
December 5, 2012	By:	/s/ Peter Ferola
		Name:	Peter Ferola
		Title:	Senior Vice President and General Counsel

 

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