Item 1.01. Entry into a Material Definitive Agreement.
On January 13, 2021, CSG Systems International, Inc. ("CSG" or "the Company")
announced that Kenneth M. Kennedy had been promoted to CSG's Chief Operating
Officer and President - Revenue Management and Digital Monetization, effective
January 1, 2021. The text set forth in Item 5.02 below regarding the amendment
to Mr. Kennedy's employment agreement is incorporated into this section by
reference.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Kenneth M. Kennedy
Effective January 1, 2021, CSG's Board of Directors (the "Board") elected
Kenneth M. Kennedy, CSG's current Executive Vice President, President of
Technology and Product to CSG's Chief Operating Officer (COO) and President -
Revenue Management and Digital Monetization.
Mr. Kennedy, 51, joined CSG in 2006 and has dedicated the last 15 years of his
career at CSG to leading the company's product management, engineering, and
platform operations across CSG's solutions portfolio. Prior to joining CSG, Mr.
Kennedy was one of the original founders of Telution, serving as Vice President
of Software Development and Professional Services. He also worked at Andersen
Consulting where he developed distributed software solutions for the
manufacturing, financial services, and communications industries.
In conjunction with his change in responsibilities, CSG and Mr. Kennedy agreed
to the following:
• Effective January 1, 2021, Mr. Kennedy's base salary will be $475,000 per
year.
• Mr. Kennedy shall have the opportunity to earn an incentive bonus of one
hundred percent (100%) of his base salary if the agreed upon objectives for
the calendar year are fully achieved.
• Mr. Kennedy was also granted a one-time restricted stock award of
approximately 28,000 shares of Performance-Based Restricted Stock and
approximately 19,000 shares of Time-Based Restricted Stock.
A copy of the amendment to Mr. Kennedy's Employment Agreement dated January 1,
2021 is attached hereto as Exhibit 10.53C, and herby incorporated by reference.
Mr. Kennedy does not have any family relationships with any executive officer or
director of CSG or its affiliates. He is not a party to
any transaction requiring disclosure under Item 404(a) of Regulation S-K.
A copy of the press release announcing Mr. Kennedy's promotion is attached to
this Form 8-K as Exhibit 99.1 and hereby incorporated by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.53C Amendment No. 3 to Employment Agreement with Kenneth M.
Kennedy dated January 1, 2021
99.1 Press release of CSG Systems International, Inc. dated January
13, 2021
104 Cover Page Interactive Data File (embedded within the Inline
XBRL document)
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