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): March 16, 2010

 

 

OVERLAND STORAGE, INC.

(Exact name of registrant as specified in its charter)

 

 

 

California   000-22071   95-3535285

(State or other jurisdiction

of incorporation)

  (Commission File Number)  

(I.R.S. Employer

Identification No.)

4820 Overland Avenue, San Diego, California 92123

(Address of principal executive offices, including zip code)

(858) 571-5555

(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 (see General Instruction A.2. below):

 

¨ 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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 16, 2010, we entered into a Separation Agreement (the “Agreement”) with Ravi Pendekanti, our former Vice President of Business Development and Solutions whose employment with us terminated on February 25, 2010. Pursuant to the Agreement, we agreed to give him, in exchange for a general release of claims against us:

 

  (a) a severance amount equal to three (3) months base salary at his most recent rate of pay ($225,000 annually), less all applicable taxes, payable biweekly pursuant to our normal pay schedule; and

 

  (b) an extended period of time in which to exercise his vested stock options equal to six (6) months from his date of termination.

The summary of benefits set forth above is qualified in its entirety by reference to the Separation Agreement filed as Exhibit 99.1 to this report and incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit
Number

  

Description

99.1    Separation Agreement between Overland Storage, Inc. and Ravi Pendekanti.

 

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

 

    OVERLAND STORAGE, INC.
Date: March 22, 2010     By:  

/s/    E RIC K ELLY        

      Eric Kelly
      President and CEO

 

3

Overland Storage (NASDAQ:OVRL)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Overland Storage Charts.
Overland Storage (NASDAQ:OVRL)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Overland Storage Charts.