8-KLeadership ChangesExhibits & Filings

AGILENT TECHNOLOGIES, INC. 8-K Report, Executive Changes (May 7, 2007)

Filed May 7, 2007For Securities:A

Summary

This Form 8-K filing from Agilent Technologies, Inc., dated May 7, 2007, primarily reports on the departure of Patrick J. Byrne, former Senior Vice President of the Electronics Measurement Group. The company entered into a Separation Agreement with Mr. Byrne, effective May 1, 2007, outlining the terms of his separation from the company. Key aspects of the agreement include Mr. Byrne's participation in Agilent's Workforce Management Program with a termination date on or before November 1, 2007. He is set to receive a severance payment of $825,000, equivalent to 18 months of his base salary, and an additional $25,000 for career counseling. His stock options and Long-Term Performance Program payments will be handled according to the provisions of the Workforce Management Program. Mr. Byrne also agreed to release Agilent from certain employment-related claims.

Key Highlights

  • 1Agilent Technologies, Inc. entered into a Separation Agreement with Patrick J. Byrne, former Senior Vice President of the Electronics Measurement Group, effective May 1, 2007.
  • 2Mr. Byrne's employment termination date is set to be on or before November 1, 2007, under Agilent's Workforce Management Program.
  • 3The company will provide Mr. Byrne with a severance payment of $825,000, representing 18 months of his base pay.
  • 4An additional $25,000 lump sum payment for career counseling services is included in the agreement.
  • 5Stock options and Long-Term Performance Program payments for Mr. Byrne will be treated according to the Workforce Management Program's terms.
  • 6Mr. Byrne agreed to release Agilent, its officers, agents, affiliates, and successors from certain employment-related claims.
  • 7Mr. Byrne's potential bonus under the 'Pay for Results' program is contingent on his ultimate termination date.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report the departure of Patrick J. Byrne, a former Senior Vice President at Agilent Technologies, Inc., and to detail the terms of his separation agreement with the company.

Mr. Byrne will receive a severance payment of $825,000, which is equivalent to 18 months of his base salary. He will also receive a $25,000 lump sum for career counseling. The treatment of his stock options and Long-Term Performance Program payments will follow the company's Workforce Management Program provisions.

Yes, Mr. Byrne's employment is scheduled to terminate on or before November 1, 2007. However, if he secures alternative employment approved by Agilent's CEO and Senior VP of HR before November 1, 2007, he will remain on the payroll until November 1, 2007. Additionally, his eligibility for a bonus under the 'Pay for Results' program is dependent on his final termination date.

As part of the agreement, Mr. Byrne has agreed to fully release Agilent, its officers, agents, affiliates, and successors from certain claims related to his employment with the company.