Change in Directors or Principal Officers, Financial Statements an
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 11, 2013, Craig Noell entered into a Separation Agreement and General Release (the "Separation Agreement") with Signature Group Holdings, Inc., a Nevada corporation (the "Company"), pursuant to which Mr. Noell resigned as the Company's Chief Executive Officer. Pursuant to the Separation Agreement, in connection with his resignation, Mr. Noell will be entitled to the benefits provided for under his Employment Agreement with the Company dated August 2, 2011 in the case of a termination without cause.
G. Christopher Colville, 55, the Company's Chairman of the Board of Directors, has assumed the responsibilities of Chief Executive Officer. Mr. Colville has significant acquisition experience with an emphasis on operations and acquisition integration. Since 2007, Mr. Colville has served as a strategic advisor to various privately held enterprises, including, since 2008, KEG 1, LLC, a special purpose acquisition entity focused on consolidating segments of the wholesale beer distribution industry. In connection therewith, Mr. Colville's principal role was to advise and counsel on capital structures, including negotiation of bank credit facilities, corporate governance and organizational development. Prior to that, Mr. Colville served as an executive officer of Consolidated Graphics, Inc. (NYSE: CGX), a leader in the U.S. general commercial printing industry, from 1994 to 2000, and from 2002 to 2007. From 2000 to 2002, Mr. Colville served as Managing Director at Murphy Noell Capital, LLC, an investment banking firm. Mr. Colville holds a Bachelor of Business Administration degree and a Masters in Accounting degree from Texas Tech University and is a Certified Public Accountant.
Mr. Colville will initially receive a $25,000 monthly increase in
Just read Noell's departure package. He gets to keep his restricted stock and his options. And they threw another 650k at him. Actually, I expected it to be more. He basically got a year's pay to leave.