Tremont Advisers Inc – ‘8-K’ for 8/14/00

On:  Tuesday, 8/15/00, at 1:43pm ET   ·   For:  8/14/00   ·   Accession #:  891554-0-2008   ·   File #:  0-27077

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         3     12K 
 2: EX-10.68    Employment Agreement                                   6     26K 

8-K   —   Current Report
Document Table of Contents

8-K
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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K
CURRENT REPORT
 PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

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 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             

8-K
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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.                                                       

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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 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)

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Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
		1/1/02		2
		12/31/01		2
		12/31/00		2					10KSB,  4,  5
Filed on:		8/15/00		3
For Period End:		8/14/00		1		2			3
		8/11/00		2					10QSB
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