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): August 14, 2000
TREMONT ADVISERS, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-27077 06-1210532
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
555 Theodore Fremd Avenue, Rye, New York 10580
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (914) 925-1140
<PAGE>
ITEM 5. OTHER EVENTS
On August 11, 2000, Tremont Advisers, Inc (the "Company") entered into an
employment agreement (the "Agreement") with Barry Colvin, pursuant to which he
will serve as the Chief Operating Officer of the Company. Mr. Colvin replaces
Robert Schulman in this capacity. Mr. Schulman will continue to serve as the
Company's President.
The amended agreement expires on January 1, 2002. Mr. Colvin is entitled to
a minimum base salary of $275,000 plus an annual bonus of at least $200,000 if
he is employed by the Company on the date that the Company usually pays out
annual performance bonuses.
The Company may terminate the Agreement without cause at any time. In that
event, Mr. Colvin will receive a severance allowance equal to the balance of the
compensation due to him through December 31, 2001, less all amounts required to
be withheld or deducted. Benefits and any other employee entitlements shall
immediately cease as of the date of termination.
In the event that Mr. Colvin voluntarily terminates his employment with the
Company prior to January 1, 2002, he will pay the Company $50,000 as liquidated
damages as recompense to the Company for the time, opportunity loss, and cost of
securing his replacement, absence of continuity and adverse impact on customers
and employees caused by his departure. This payment is to be made in full within
fifteen days after his last day of employment.
Mr. Colvin will receive 100,000 options subject to the terms of the
Company's 1998 Stock Option Plan at the time when options are typically granted
to other employees thereunder.
Mr. Colvin has agreed that before December 31, 2000 he will purchase
$25,000 worth of the Company's Class B Common Stock in the open market.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 10.68 Employment Agreement dated August 14, 2000 between the
Company and Barry Colvin.
-2-
<PAGE>
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 thereunto duly authorized.
TREMONT ADVISERS, INC.
Date: August 15, 2000 By: /s/ Stephen T. Clayton
--------------------------------------
Stephen T. Clayton
Chief Financial Officer and
Administrative Officer
(Duly authorized Officer and Principal
Financial and Accounting Officer)
-3-
