Summary
Analog Devices, Inc. (ADI) has filed a Form 8-K on November 15, 2005, to report a material definitive agreement. Specifically, the company entered into a 5-year Employment Agreement with its President and Chief Executive Officer, Jerald G. Fishman. This agreement solidifies Mr. Fishman's continued leadership at the company and outlines key terms regarding his compensation and benefits. Under the new agreement, Mr. Fishman will continue to serve as President and CEO, with his current base salary remaining in effect, subject to potential future increases by the Compensation Committee. The agreement also details provisions for annual bonuses, annual equity incentive awards, and the potential for a long-term equity and/or cash retention arrangement, all to be determined by the Compensation Committee. Importantly, the agreement includes provisions for severance benefits in specific termination scenarios, such as termination without Cause or termination for Good Reason.
Key Highlights
- 1Analog Devices, Inc. entered into a 5-year Employment Agreement with its President and CEO, Jerald G. Fishman, effective November 14, 2005.
- 2The agreement confirms Mr. Fishman's continued role as President and CEO.
- 3Base salary for Mr. Fishman will remain at his current rate, with potential for future increases by the Compensation Committee.
- 4The agreement outlines provisions for annual bonuses and equity incentive awards, subject to the Compensation Committee's determination.
- 5A long-term equity and/or cash retention arrangement for Mr. Fishman is also provided for, subject to agreement with the Compensation Committee.
- 6Severance benefits are stipulated for specific termination circumstances, including termination without Cause or for Good Reason.