UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February 11, 2020, TriNet Group, Inc. (the “Company”) entered into a transition agreement (the “Transition Agreement”) with Richard Beckert, the Company’s Senior Vice President and Chief Financial Officer, who will be stepping down to pursue other professional and personal interests. Pursuant to the Transition Agreement, Mr. Beckert has agreed to continue to serve in his current capacity to provide for an orderly transition of his duties and responsibilities, through the earliest of (i) such time as his successor commences employment with the Company, and (ii) May 15, 2020 (such earliest date, the “Transition Date”). In addition, if the Transition Date occurs before May 15, 2020, Mr. Beckert has agreed to continue with the Company as a Vice President until May 15, 2020, to assist with the transition of his duties to his successor. The Transition Agreement also provides for a customary release of claims. Under the Transition Agreement, Mr. Beckert will be entitled to receive the following: (i) a lump sum cash severance payment equal to 12 months of his current base salary, (ii) an annual bonus for 2020, prorated based on the number of days Mr. Beckert is employed in 2020, (iii) if Mr. Beckert elects to continue his participation in the Company’s group health insurance plan under applicable COBRA regulations, the Company will pay the applicable COBRA premiums for a period of up to 12 months; and (iv) accelerated vesting of all unvested equity awards that would have otherwise vested through and including November 15, 2020.
The foregoing description of the Transition Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Transition Agreement, a copy of which will be filed concurrently with filing of the Company’s next quarterly report on Form 10-Q.
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.
| Date: | February 13, 2020 | TriNet Group, Inc. | |
| By: | /s/ Samantha Wellington | ||
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Samantha Wellington | |||
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Senior Vice President, Chief Legal Officer and Secretary |