8-KLeadership Changes

AGILENT TECHNOLOGIES, INC. 8-K Report, Executive Changes (Nov 25, 2013)

Filed November 25, 2013For Securities:A

Summary

Agilent Technologies, Inc. (A) filed an 8-K on November 25, 2013, reporting on a one-time restricted stock unit (RSU) award granted to its President and CEO, William P. Sullivan, on November 20, 2013. The award consists of 40,000 RSUs of the company's common stock, intended to incentivize and retain key leadership. This filing provides transparency regarding executive compensation and the terms under which this significant award will vest.

Key Highlights

  • 1William P. Sullivan, Director, President, and CEO, received a one-time award of 40,000 restricted stock units (RSUs).
  • 2The RSUs were granted on November 20, 2013, under the Company's 2009 Stock Plan.
  • 3Vesting of the RSUs is staggered over three years, with one-third vesting on each anniversary of the grant date.
  • 4Full and immediate vesting is triggered by specific events: retirement, death, total disability, termination under the workforce management program, or a change of control.
  • 5This award is a significant component of executive compensation, designed to align CEO interests with long-term shareholder value.

Frequently Asked Questions

The primary purpose of this filing is to disclose a one-time award of 40,000 restricted stock units (RSUs) granted to Agilent's President and CEO, William P. Sullivan, by the Compensation Committee of the Board of Directors.

The RSUs will vest in one-third increments on each of the first three anniversaries of the grant date, provided Mr. Sullivan remains eligible. However, the entire award will vest immediately upon his retirement, death, total disability, termination under the company's workforce management program, or a change of control.

While the filing doesn't specify a dollar value, the award represents a future equity cost for the company. The vesting schedule is designed to retain the CEO and align his long-term interests with the company's performance and stability. The immediate vesting clauses also provide financial security to the CEO under specific circumstances, which is a standard practice in executive compensation.