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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D. C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO SECTION 13 OR 15(D) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>January&nbsp;3, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>PRGX Global,
Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Its Charter) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Georgia </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other
Jurisdiction of Incorporation) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">0-28000</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">58-2213805</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Commission File Number)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(IRS Employer Identification No.)</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>600 Galleria Parkway, Suite 100, Atlanta, Georgia</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>30339-5949</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">770-779-3900</FONT></FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s Telephone Number, Including Area Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
Name or Former Address, if Changed Since Last Report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Check the
appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see</I> General Instruction A.2. below):
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17&nbsp;CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;3, 2019, PRGX Global, Inc. (the &#147;Company&#148;)
announced that the Board of Directors of the Company (the &#147;Board&#148;) appointed Kurt J. Abkemeier as the Company&#146;s Chief Financial Officer, Treasurer and Controller effective as of January&nbsp;3, 2019. Peter Limeri, who was serving on
an interim basis as the Company&#146;s Chief Financial Officer, Treasurer and Controller, will remain with the Company until the end of January. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Appointment of Kurt Abkemeier as Chief Financial Officer, Treasurer and Controller </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;3, 2019, the Board appointed Kurt J. Abkemeier as the Company&#146;s Chief Financial Officer, Treasurer and Controller.
Mr.&nbsp;Abkemeier has over 25 years of financial experience, including his service as the Chief Financial Officer of Fidelis Cybersecurity, Inc., a private equity-owned global cybersecurity software and cloud-based service provider, from July 2017
to December 2018; Progress Software, Inc., a publicly traded global enterprise software company, from September 2016 to April 2017; and Inteliquent, Inc., a wholesale telecommunications company, from January 2014 to September 2016. Prior to
Inteliquent, Mr.&nbsp;Abkemeier served as the Vice President of Finance and Treasurer of Cbeyond, Inc., a publicly traded provider of telecommunications and technology solutions, from June 2005 to March 2012. Mr.&nbsp;Abkemeier held leadership and
senior financial positions with a number of other companies and began his career as a senior sell-side research analyst at J.P. Morgan&nbsp;&amp; Co. Mr.&nbsp;Abkemeier holds a Bachelor of Science degree in applied economics from Cornell University
and is a certified financial analyst. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There are no family relationships between Mr.&nbsp;Abkemeier and any director or executive officer
of the Company and no related party transactions required to be reported under Item 404(a) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Employment Agreement with Kurt Abkemeier </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with his employment by the Company, on January&nbsp;3, 2019, the Company entered into an employment agreement with
Mr.&nbsp;Abkemeier (the &#147;Employment Agreement&#148;). The material terms of his Employment Agreement are as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Term</U>.
The Employment Agreement provides for a term of one year ending on January&nbsp;3, 2020, which will automatically be extended for additional <FONT STYLE="white-space:nowrap">one-year</FONT> periods, unless either party notifies the other in writing
at least 30&nbsp;days prior to the end of the original term or any additional <FONT STYLE="white-space:nowrap">one-year</FONT> renewal term of its intention not to extend the Employment Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Compensation</U>. Mr.&nbsp;Abkemeier will receive an annual base salary of $350,000 and will be eligible for an annual incentive bonus
(at target equal to 65% of his annual base salary and at a maximum of not less than 130% of his annual base salary), based on the achievement of certain performance objectives set each year by the Company&#146;s Compensation Committee.
Mr.&nbsp;Abkemeier will also be eligible to receive stock options, restricted stock, stock appreciation rights and/or other equity awards under the Company&#146;s applicable equity plans on such basis as the Compensation Committee may determine. The
Employment Agreement also provides for standard expense reimbursement, housing and relocation reimbursements up to a maximum aggregate amount of $45,000, paid time off, and other standard executive benefits. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Initial Equity Awards</U>. Under the terms of the Employment Agreement, on January&nbsp;3, 2019, the Company granted equity awards to
Mr.&nbsp;Abkemeier consisting of an aggregate of 100,000 stock options (the &#147;Stock Options&#148;), 32,000 shares of restricted stock (the &#147;Restricted Stock&#148;), and 12,000 performance-based restricted stock units (the &#147;Initial
PBUs&#148; and, together with the Stock Options and the Restricted Stock, the &#147;Initial Equity Awards&#148;). Additionally, the Company will grant Mr.&nbsp;Abkemeier, effective as of the date of the
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Company&#146;s 2019 annual grant of equity to the Company&#146;s other executive officer direct reports to the Chief Executive Officer, 24,000 PBUs (the &#147;2019 PBUs&#148;). The grant of the
Initial Equity Awards and the 2019 PBUs were approved by the Company&#146;s Compensation Committee. All of the Stock Options have a seven-year term. The Stock Options will vest and become exercisable in three equal installments on each of
January&nbsp;3, 2020, January&nbsp;3, 2021, and January&nbsp;3, 2022, and have an exercise price equal to $8.96.&nbsp;The Restricted Stock will vest and become <FONT STYLE="white-space:nowrap">non-forfeitable</FONT> in three equal installments on
each of January&nbsp;3, 2020, January&nbsp;3, 2021, and January&nbsp;3, 2022. The Initial PBUs will vest and become payable on substantially the same terms as the PBUs previously granted to the Company&#146;s executive officers on May&nbsp;29, 2018,
and the 2019 PBUs will vest and become payable on substantially the same terms as the PBUs that will be granted to the Company&#146;s other executive officer direct reports to the Chief Executive Officer as part of the 2019 annual equity awards. In
addition, all or a portion of the Initial Equity Awards and the 2019 PBUs will vest upon the occurrence of certain other events including the termination of Mr.&nbsp;Abkemeier by the Company without Cause or by Mr.&nbsp;Abkemeier for Good Reason (as
such terms are defined in the Employment Agreement) as discussed in more detail below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Post-Termination Benefits</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <I>No Change of Control. </I>If Mr.&nbsp;Abkemeier, other than within two years after a Change of Control (as defined in the Employment
Agreement), (x)&nbsp;terminates his employment for Good Reason (as defined in the Employment Agreement), (y)&nbsp;has his employment terminated by the Company without Cause (as defined in the Employment Agreement), or (z)&nbsp;terminates his
employment upon the Company&#146;s failure to renew the Employment Agreement, then he is entitled to the following: (i)&nbsp;payment of his annual base salary for the period equal to the greater of one year or the sum of four weeks for each full
year of continuous service Mr.&nbsp;Abkemeier has with the Company (the &#147;Severance Period&#148;); (ii) payment of any actual earned full-year bonus <FONT STYLE="white-space:nowrap">(pro-rated)</FONT> for the year in which
Mr.&nbsp;Abkemeier&#146;s employment termination occurs; (iii)&nbsp;continuation of health care plan coverage at active employee rates for the Severance Period; (iv)&nbsp;payment of accrued obligations; (v)&nbsp;vesting of a prorated number of
Mr.&nbsp;Abkemeier&#146;s outstanding unvested options, restricted stock and other equity-based awards that would have vested solely based on his continued employment through the first applicable vesting date immediately following the date of
termination of Mr.&nbsp;Abkemeier&#146;s employment based on the number of months elapsed since the immediately preceding vesting date (or, if none, since the grant date) of such award, as well as the continuation of outstanding stock options, until
the earlier of one year after the date of termination of his employment or the original expiration date of the options; and (vi)&nbsp;payment for one year of outplacement services up to $20,000. However, if Mr.&nbsp;Abkemeier terminates his
employment as described above before January&nbsp;3, 2020, the Severance Period shall be limited to the greater of (A)&nbsp;six months or (B)&nbsp;the number of monthly anniversaries after January&nbsp;3, 2019 he remained employed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <I>Change of Control.</I> If, within two years following a Change in Control, Mr.&nbsp;Abkemeier (x)&nbsp;terminates his employment for
Good Reason, (y)&nbsp;has his employment terminated by the Company without Cause, or (z)&nbsp;terminates his employment upon the Company&#146;s failure to renew the Employment Agreement, then he is entitled to receive the same benefits he would have
received as described above under &#147;No Change in Control&#148; except that (i)&nbsp;the payment of his annual base salary shall be for the period equal to the greater of 18 months or the sum of four weeks for each full year of continuous service
that Mr.&nbsp;Abkemeier has with the Company (or the greater of (A)&nbsp;nine months or (B)&nbsp;the product of 1.5 multiplied by the number of monthly anniversaries after January&nbsp;3, 2019 he remained employed if his employment is terminated as
described herein prior to January&nbsp;3, 2020) (the &#147;Change in Control Severance Period&#148;), (ii) Mr.&nbsp;Abkemeier&#146;s health care plan coverage at active employee rates shall continue for the Change in Control Severance Period and
(iii)&nbsp;Mr.&nbsp;Abkemeier&#146;s outstanding unvested options, restricted stock and other equity-based awards that would have vested solely based on his continued employment will vest in full. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <I>For Cause.</I> If the Company terminates Mr.&nbsp;Abkemeier&#146;s employment for Cause or Mr.&nbsp;Abkemeier terminates his employment
for other than Good Reason, the Employment Agreement terminates and the Company will have no further obligations to him other than to pay any accrued obligations. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Business Protection Agreements</U>. Mr.&nbsp;Abkemeier is also bound by
confidentiality provisions, <FONT STYLE="white-space:nowrap">non-competition</FONT> covenants and <FONT STYLE="white-space:nowrap">non-solicitation</FONT> restrictions concerning both customers and employees of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description is qualified in its entirety by reference to the Employment Agreement, a copy of which is filed herewith as
<U>Exhibit</U><U></U><U>&nbsp;10.1</U> and incorporated herein by reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits </B></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
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<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following exhibits are filed herewith: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" NOWRAP>10.1</TD>
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<TD VALIGN="top">Employment Agreement dated January&nbsp;3, 2019, by and between Kurt J. Abkemeier and the Company</TD></TR>
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<TD VALIGN="top" NOWRAP>10.1</TD>
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<TD VALIGN="top"><A HREF="d677671dex101.htm">Employment Agreement dated January&nbsp;3, 2019, by and between Kurt J. Abkemeier and the Company </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of Section&nbsp;12 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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">PRGX Global, Inc.</TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Victor A. Allums</P></TD></TR>
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<TD VALIGN="top">Victor A. Allums</TD></TR>
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<TD VALIGN="top">Senior Vice President, Secretary and General Counsel</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: January&nbsp;7, 2019 </P>
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[{"type": "8-K", "sequence": "1", "filename": "d677671d8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 27763}]
{"company-data": {"conformed-name": "PRGX GLOBAL, INC.", "cik": "0001007330", "assigned-sic": "8700", "irs-number": "582213805", "state-of-incorporation": "GA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-28000", "film-number": "19513847"}, "business-address": {"street1": "600 GALLERIA PARKWAY", "street2": "STE 100", "city": "ATLANTA", "state": "GA", "zip": "30339-5949", "phone": "7707796610"}, "mail-address": {"street1": "600 GALLERIA PARKWAY", "street2": "STE 100", "city": "ATLANTA", "state": "GA", "zip": "30339-5949"}, "former-company": [{"former-conformed-name": "PRG-SCHULTZ INTERNATIONAL, INC.", "date-changed": "20080327"}, {"former-conformed-name": "PRG SCHULTZ INTERNATIONAL INC", "date-changed": "20020125"}, {"former-conformed-name": "PROFIT RECOVERY GROUP INTERNATIONAL INC", "date-changed": "19960207"}]}
Form 8-K
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
January 3, 2019
Date of Report (Date of earliest event reported)
PRGX Global,
Inc.
(Exact Name of Registrant as Specified in Its Charter)
Georgia
(State or Other
Jurisdiction of Incorporation)
0-28000
58-2213805
(Commission File Number)
(IRS Employer Identification No.)
600 Galleria Parkway, Suite 100, Atlanta, Georgia
30339-5949
(Address of Principal Executive Offices)
(Zip Code)
770-779-3900
(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))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
Emerging growth company  ☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act.  ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On January 3, 2019, PRGX Global, Inc. (the "Company")
announced that the Board of Directors of the Company (the "Board") appointed Kurt J. Abkemeier as the Company's Chief Financial Officer, Treasurer and Controller effective as of January 3, 2019. Peter Limeri, who was serving on
an interim basis as the Company's Chief Financial Officer, Treasurer and Controller, will remain with the Company until the end of January.
Appointment of Kurt Abkemeier as Chief Financial Officer, Treasurer and Controller
On January 3, 2019, the Board appointed Kurt J. Abkemeier as the Company's Chief Financial Officer, Treasurer and Controller.
Mr. Abkemeier has over 25 years of financial experience, including his service as the Chief Financial Officer of Fidelis Cybersecurity, Inc., a private equity-owned global cybersecurity software and cloud-based service provider, from July 2017
to December 2018; Progress Software, Inc., a publicly traded global enterprise software company, from September 2016 to April 2017; and Inteliquent, Inc., a wholesale telecommunications company, from January 2014 to September 2016. Prior to
Inteliquent, Mr. Abkemeier served as the Vice President of Finance and Treasurer of Cbeyond, Inc., a publicly traded provider of telecommunications and technology solutions, from June 2005 to March 2012. Mr. Abkemeier held leadership and
senior financial positions with a number of other companies and began his career as a senior sell-side research analyst at J.P. Morgan & Co. Mr. Abkemeier holds a Bachelor of Science degree in applied economics from Cornell University
and is a certified financial analyst.
There are no family relationships between Mr. Abkemeier and any director or executive officer
of the Company and no related party transactions required to be reported under Item 404(a) of Regulation
S-K.
Employment Agreement with Kurt Abkemeier
In connection with his employment by the Company, on January 3, 2019, the Company entered into an employment agreement with
Mr. Abkemeier (the "Employment Agreement"). The material terms of his Employment Agreement are as follows:
1.
Term
.
The Employment Agreement provides for a term of one year ending on January 3, 2020, which will automatically be extended for additional
one-year
periods, unless either party notifies the other in writing
at least 30 days prior to the end of the original term or any additional
one-year
renewal term of its intention not to extend the Employment Agreement.
2.
Compensation
. Mr. Abkemeier will receive an annual base salary of $350,000 and will be eligible for an annual incentive bonus
(at target equal to 65% of his annual base salary and at a maximum of not less than 130% of his annual base salary), based on the achievement of certain performance objectives set each year by the Company's Compensation Committee.
Mr. Abkemeier will also be eligible to receive stock options, restricted stock, stock appreciation rights and/or other equity awards under the Company's applicable equity plans on such basis as the Compensation Committee may determine. The
Employment Agreement also provides for standard expense reimbursement, housing and relocation reimbursements up to a maximum aggregate amount of $45,000, paid time off, and other standard executive benefits.
3.
Initial Equity Awards
. Under the terms of the Employment Agreement, on January 3, 2019, the Company granted equity awards to
Mr. Abkemeier consisting of an aggregate of 100,000 stock options (the "Stock Options"), 32,000 shares of restricted stock (the "Restricted Stock"), and 12,000 performance-based restricted stock units (the "Initial
PBUs" and, together with the Stock Options and the Restricted Stock, the "Initial Equity Awards"). Additionally, the Company will grant Mr. Abkemeier, effective as of the date of the
Company's 2019 annual grant of equity to the Company's other executive officer direct reports to the Chief Executive Officer, 24,000 PBUs (the "2019 PBUs"). The grant of the
Initial Equity Awards and the 2019 PBUs were approved by the Company's Compensation Committee. All of the Stock Options have a seven-year term. The Stock Options will vest and become exercisable in three equal installments on each of
January 3, 2020, January 3, 2021, and January 3, 2022, and have an exercise price equal to $8.96. The Restricted Stock will vest and become
non-forfeitable
in three equal installments on
each of January 3, 2020, January 3, 2021, and January 3, 2022. The Initial PBUs will vest and become payable on substantially the same terms as the PBUs previously granted to the Company's executive officers on May 29, 2018,
and the 2019 PBUs will vest and become payable on substantially the same terms as the PBUs that will be granted to the Company's other executive officer direct reports to the Chief Executive Officer as part of the 2019 annual equity awards. In
addition, all or a portion of the Initial Equity Awards and the 2019 PBUs will vest upon the occurrence of certain other events including the termination of Mr. Abkemeier by the Company without Cause or by Mr. Abkemeier for Good Reason (as
such terms are defined in the Employment Agreement) as discussed in more detail below.
4.
Post-Termination Benefits
.
(a)
No Change of Control.
If Mr. Abkemeier, other than within two years after a Change of Control (as defined in the Employment
Agreement), (x) terminates his employment for Good Reason (as defined in the Employment Agreement), (y) has his employment terminated by the Company without Cause (as defined in the Employment Agreement), or (z) terminates his
employment upon the Company's failure to renew the Employment Agreement, then he is entitled to the following: (i) payment of his annual base salary for the period equal to the greater of one year or the sum of four weeks for each full
year of continuous service Mr. Abkemeier has with the Company (the "Severance Period"); (ii) payment of any actual earned full-year bonus
(pro-rated)
for the year in which
Mr. Abkemeier's employment termination occurs; (iii) continuation of health care plan coverage at active employee rates for the Severance Period; (iv) payment of accrued obligations; (v) vesting of a prorated number of
Mr. Abkemeier's outstanding unvested options, restricted stock and other equity-based awards that would have vested solely based on his continued employment through the first applicable vesting date immediately following the date of
termination of Mr. Abkemeier's employment based on the number of months elapsed since the immediately preceding vesting date (or, if none, since the grant date) of such award, as well as the continuation of outstanding stock options, until
the earlier of one year after the date of termination of his employment or the original expiration date of the options; and (vi) payment for one year of outplacement services up to $20,000. However, if Mr. Abkemeier terminates his
employment as described above before January 3, 2020, the Severance Period shall be limited to the greater of (A) six months or (B) the number of monthly anniversaries after January 3, 2019 he remained employed.
(b)
Change of Control.
If, within two years following a Change in Control, Mr. Abkemeier (x) terminates his employment for
Good Reason, (y) has his employment terminated by the Company without Cause, or (z) terminates his employment upon the Company's failure to renew the Employment Agreement, then he is entitled to receive the same benefits he would have
received as described above under "No Change in Control" except that (i) the payment of his annual base salary shall be for the period equal to the greater of 18 months or the sum of four weeks for each full year of continuous service
that Mr. Abkemeier has with the Company (or the greater of (A) nine months or (B) the product of 1.5 multiplied by the number of monthly anniversaries after January 3, 2019 he remained employed if his employment is terminated as
described herein prior to January 3, 2020) (the "Change in Control Severance Period"), (ii) Mr. Abkemeier's health care plan coverage at active employee rates shall continue for the Change in Control Severance Period and
(iii) Mr. Abkemeier's outstanding unvested options, restricted stock and other equity-based awards that would have vested solely based on his continued employment will vest in full.
(c)
For Cause.
If the Company terminates Mr. Abkemeier's employment for Cause or Mr. Abkemeier terminates his employment
for other than Good Reason, the Employment Agreement terminates and the Company will have no further obligations to him other than to pay any accrued obligations.
5.
Business Protection Agreements
. Mr. Abkemeier is also bound by
confidentiality provisions,
non-competition
covenants and
non-solicitation
restrictions concerning both customers and employees of the Company.
The foregoing description is qualified in its entirety by reference to the Employment Agreement, a copy of which is filed herewith as
Exhibit
10.1
and incorporated herein by reference.
Item 9.01.
Financial Statements and Exhibits
(d)
Exhibits
The following exhibits are filed herewith:
10.1
Employment Agreement dated January 3, 2019, by and between Kurt J. Abkemeier and the Company
EXHIBIT INDEX
Exhibit
Number
Description of Exhibits
10.1
Employment Agreement dated January 3, 2019, by and between Kurt J. Abkemeier and the Company
SIGNATURES
Pursuant to the requirements of Section 12 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.
PRGX Global, Inc.
By:
/s/ Victor A. Allums
Victor A. Allums
Senior Vice President, Secretary and General Counsel
Dated: January 7, 2019