Business Context and Reporting Period
This Form 8-K Current Report was filed by Evercore Partners Inc. on June 29, 2007. The filing addresses Item 5.02 regarding the departure of a certain officer and the appointment of a new Chief Financial Officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation arrangements.
- Base Salary: $500,000 annually for David Wezdenko through December 31, 2007.
- Compensation Award: $400,000 partnership compensation award payable in 2008.
- Equity Vesting: 2,250 restricted stock units and 77,155 Evercore LP partnership units will vest on terms similar to other Senior Managing Directors.
Material Changes
David Wezdenko no longer holds the position of Chief Financial Officer, having been replaced by Robert B. Walsh as previously disclosed on June 8, 2007. Mr. Wezdenko has entered into a letter agreement to remain employed until September 30, 2007, with specific compensation and vesting terms outlined above.
Outlook, Risks, and Contingencies
Mr. Wezdenko will receive health benefits at current employee cost levels until June 30, 2008. Upon termination of employment, he must execute a release of claims and comply with standard non-competition and non-solicitation agreements. Vested equity remains subject to transfer restrictions applicable to Senior Managing Directors.
Investor Verification Checklist
- Verify the exact vesting schedule for the 2,250 restricted stock units and 77,155 partnership units.
- Confirm the specific date in 2008 when the $400,000 partnership compensation award will be paid.
- Review the full text of the Letter Agreement (Exhibit 10.1) for additional covenants or conditions.
- Check subsequent filings to confirm the transition of CFO duties to Robert B. Walsh.