UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): April 21, 2006
CRA INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Massachusetts |
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000-24049 |
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04-2372210 |
(State or
other jurisdiction
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(Commission
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(IRS
employer
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200 Clarendon Street, Boston, Massachusetts |
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02116 |
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(Address of principal executive offices) |
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(Zip code) |
Registrants telephone number, including area code: (617) 425-3000
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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
At our annual meeting of stockholders held on April 21, 2006, our stockholders approved our 2006 Equity Incentive Plan. The plan authorizes the grant of a variety of incentive and performance awards to our directors, employees and independent contractors, including incentive stock options, nonqualified stock options, restricted stock awards, restricted stock unit awards, performance awards and other stock-based awards. The maximum number of shares of our common stock issuable under the plan is equal to 1,158,333 shares, which includes 658,333 shares that remained available for future awards under our 1998 incentive and nonqualified stock option plan as of April 21, 2006. This amount may be increased by up to 341,667 shares to the extent that any stock options that have been issued under our 1998 incentive and nonqualified stock option plan are forfeited after April 21, 2006. A detailed summary of the plan is included in the definitive proxy statement we filed on March 27, 2006 in connection with the annual meeting and incorporated herein by reference. A copy of the plan is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
On April 21, 2006, following the approval of our 2006 Equity Incentive Plan and in accordance with the terms of section 6.9 of the plan, our non-employee directors, Basil L. Anderson, William F. Concannon, Ronald T. Maheu, Rowland T. Moriarty and Nancy L. Rose, were each granted restricted stock awards in the amount of 1,487 shares of our common stock. The restricted stock awards vest in four equal annual installments of 25% per year beginning on the first anniversary of the date of grant and are subject to the execution of a restricted stock agreement. A copy of the form of restricted stock agreement applicable to grants of restricted stock awards to our non-employee directors pursuant to section 6.9 of the plan is attached as Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference.
On April 21, 2006, we granted restricted stock awards to our executive officers James C. Burrows, Robert J. Larner and C. Christopher Maxwell in the amount of 13,380, 2,973, and 2,973 shares of our common stock, respectively, under our 2006 Equity Incentive Plan. The restricted stock awards vest in four equal annual installments of 25% per year beginning on the first anniversary of the date of grant and are subject to the execution of a restricted stock agreement. A copy of the form of restricted stock agreement applicable to grants of restricted stock awards to our employees and independent contractors, including our executive officers, is attached as Exhibit 10.3 to this Current Report on Form 8-K and incorporated herein by reference.
On April 18, 2006, J. Phillip Cooper, our former vice chairman and executive vice president, executed a letter agreement with us regarding his pending retirement from our firm on June 21, 2006. Dr. Cooper will remain an employee through his retirement date, continuing to receive his current base salary and benefits, including the payment of the bonus he was awarded for fiscal 2005. The agreement provides, among other things, that upon his retirement he will receive a cash payment of $275,000, the vesting of any stock options and restricted stock awards he holds on the date of his retirement will be accelerated by one year, his insurance benefits will continue for one year, and he will execute standard releases and waivers.
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Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
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Title |
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10.1 |
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2006 Equity Incentive Plan (incorporated by reference to Annex A of our definitive proxy statement filed on March 27, 2006). |
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10.2 |
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Form of Restricted Stock Agreement for Non-Employee Director Award Pursuant to Section 6.9 of the 2006 Equity Incentive Plan. |
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10.3 |
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Form of Restricted Stock Agreement for Employee or Independent Contractor Awards under the 2006 Equity Incentive Plan. |
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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.
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CRA INTERNATIONAL, INC. |
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Dated: April 27, 2006 |
By: |
/s/Wayne D. Mackie |
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Wayne D. Mackie |
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Vice President, Treasurer, and |
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Chief Financial Officer |
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Exhibit Index
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Title |
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10.1 |
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2006 Equity Incentive Plan (incorporated by reference to Annex A of our definitive proxy statement filed on March 27, 2006). |
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10.2 |
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Form of Restricted Stock Agreement for Non-Employee Director Award Pursuant to Section 6.9 of the 2006 Equity Incentive Plan. |
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10.3 |
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Form of Restricted Stock Agreement for Employee or Independent Contractor Awards under the 2006 Equity Incentive Plan. |
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Exhibit 10.2
CRA INTERNATIONAL, INC. RESTRICTED STOCK AGREEMENT
Notification
and Acceptance of Restricted Stock Award
Non-Employee Director Award Pursuant to Section 6.9 of the Plan
Pursuant to the CRA International, Inc. 2006 Equity Incentive Plan (the Plan), the Director named below (hereinafter the Holder) has been granted shares (the Restricted Shares ) of the Companys Common Stock, without par value (Common Stock), subject to the restrictions stated below and in the Plan, on the condition that the Holder execute and deliver this Agreement.
In accordance with the Plan, the Company is therefore pleased to offer you the following Restricted Stock Award:
Grant Date: |
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Director Name, Residential Address and Social Security Number: |
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Number of shares of Common Stock granted in this Restricted Stock Award: |
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shares of the Companys Common Stock |
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Vesting Period: |
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Four years, with Twenty-five Percent (25%) of the Restricted Stock Award vesting on each anniversary of the Grant Date. |
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Vesting Schedule |
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Date |
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% Vested |
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25% |
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50% |
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75% |
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100% |
This Restricted Stock Award is subject to the terms and conditions of the Restricted Stock Agreement set forth below (the Agreement ). By signing below you both accept this Restricted Stock Award and acknowledge that you have read, understand, agree to and accept the terms and conditions of the Agreement set forth below.
Signed as a Massachusetts agreement under seal as of the Grant Date:
CRA INTERNATIONAL, INC. |
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James C. Burrows |
{Insert Holder name} |
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President and CEO |
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Restricted Stock Agreement
The terms of this Agreement shall govern the attached Notification and Acceptance of Restricted Stock Award (the Award). Capitalized terms used, but not defined, herein shall have the meanings ascribed to them in the Award. The Company agrees to issue to the Holder in consideration of the premises and for valuable consideration, the receipt whereof is hereby acknowledged, subject to the terms and conditions of the Plan and this Agreement as follows:
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It is further agreed that if any controversy arises, between the parties hereto or with any third person, with respect to the Restricted Shares or any part of the subject matter of this Agreement, its terms or conditions, the Company shall not be required to take any actions in the premises, but may await the settlement of any such controversy by final appropriate legal proceedings or otherwise as it may require, notwithstanding anything in this Agreement to the contrary, and in such event the Company shall not be liable for interest or damages.
In the event that a dispute should arise with respect to the delivery, right to possession, and/or ownership of the certificates held by the Company representing the Restricted Shares, the Company is authorized to retain such certificates and evidences in its possession, or any portion thereof, without liability to anyone, until such dispute shall have been settled either by mutual written agreement of the parties concerned or by final order, decree or judgment of a court of competent jurisdiction after the time for appeal has expired and no appeal has been perfected, but the Company shall be under no duty whatsoever hereunder to institute or defend any such proceedings.
The provisions of this Section 3(b) shall survive the expiration or earlier termination of this Agreement.
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The securities represented by this certificate are subject to restrictions on transfer and forfeiture to the Corporation, as set forth in a restricted stock agreement between the Corporation and the registered holder hereof, a copy of which will be provided to the holder hereof by the Corporation upon written request and without charge.
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Exhibit 10.3
CRA INTERNATIONAL, INC. RESTRICTED STOCK AGREEMENT
Notification
and Acceptance of Restricted Stock Award
Employee or Independent Contractor Award
Pursuant to the CRA International, Inc. 2006 Equity Incentive Plan (the Plan), the Employee or Independent Contractor named below (hereinafter the Holder) has been granted shares (the Restricted Shares ) of the Companys Common Stock, without par value (Common Stock), subject to the restrictions stated below and in the Plan, on the condition that the Holder execute and deliver this Agreement.
In accordance with the Plan, the Company is therefore pleased to offer you the following Restricted Stock Award:
Grant Date: |
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Holder Name, Residential Address and Social Security Number: |
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Number of shares of Common Stock granted in this Restricted Stock Award: |
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shares of the Companys Common Stock |
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Vesting Period: |
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Four years, with Twenty-five Percent (25%) of the Restricted Stock Award vesting on each anniversary of the Grant Date. |
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Vesting Schedule |
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Date |
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% Vested |
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25% |
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50% |
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75% |
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100% |
This Restricted Stock Award is subject to the terms and conditions of the Restricted Stock Agreement set forth below (the Agreement ). By signing below you both accept this Restricted Stock Award and acknowledge that you have read, understand, agree to and accept the terms and conditions of the Agreement set forth below. As a condition to receiving this Restricted Stock Award, the Holder shall execute a Non-Solicit / Non-Hire Agreement with the Company, dated as of the Grant Date.
Signed as a Massachusetts agreement under seal as of the Grant Date:
CRA INTERNATIONAL, INC. |
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James C. Burrows |
{Insert Holder name} |
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President and CEO |
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Restricted Stock Agreement
The terms of this Agreement shall govern the attached Notification and Acceptance of Restricted Stock Award (the Award). Capitalized terms used, but not defined, herein shall have the meanings ascribed to them in the Award. The Company agrees to issue to the Holder in consideration of the premises and for valuable consideration, the receipt whereof is hereby acknowledged, subject to the terms and conditions of the Plan and this Agreement as follows:
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It is further agreed that if any controversy arises, between the parties hereto or with any third person, with respect to the Restricted Shares or any part of the subject matter of this Agreement, its terms or conditions, the Company shall not be required to take any actions in the premises, but may await the settlement of any such controversy by final appropriate legal proceedings or otherwise as it may require, notwithstanding anything in this Agreement to the contrary, and in such event the Company shall not be liable for interest or damages.
In the event that a dispute should arise with respect to the delivery, right to possession, and/or ownership of the certificates held by the Company representing the Restricted Shares, the Company is authorized to retain such certificates and evidences in its possession, or any portion thereof, without liability to anyone, until such dispute shall have been settled either by mutual written agreement of the parties concerned or by final order, decree or judgment of a court of competent jurisdiction after the time for appeal has expired and no appeal has been perfected, but the Company shall be under no duty whatsoever hereunder to institute or defend any such proceedings.
The provisions of this Section 3(b) shall survive the expiration or earlier termination of this Agreement.
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The securities represented by this certificate are subject to restrictions on transfer and forfeiture to the Corporation, as set forth in a restricted stock agreement between the Corporation and the registered holder hereof, a copy of which will be provided to the holder hereof by the Corporation upon written request and without charge.
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