Summary
This 8-K filing from Analog Devices, Inc. (ADI) announces the upcoming retirement of Executive Vice President, Strategic Business Segments Group, Mr. Robert McAdam. Mr. McAdam's retirement is scheduled for the end of the second quarter of the Company's 2015 fiscal year. While his departure represents a change in leadership within a key business segment, the company has implemented a pro-rata vesting of his outstanding restricted stock units and performance restricted stock units. This ensures that Mr. McAdam will be compensated for his service up to his retirement date, with performance-based awards assumed to meet target levels for pro-rata calculation.
Key Highlights
- 1Robert McAdam, Executive Vice President of Strategic Business Segments Group, to retire.
- 2Retirement expected by the end of ADI's Q2 Fiscal Year 2015.
- 3Compensation Committee approved modifications to Mr. McAdam's equity awards.
- 4Outstanding restricted stock units and performance restricted stock units will vest pro-rata.
- 5Pro-rata vesting is based on days of service from grant date to retirement date.
- 6Performance-based equity awards will vest pro-rata assuming target performance levels are met.
Frequently Asked Questions
Mr. Robert McAdam, Executive Vice President of the Strategic Business Segments Group, has announced his decision to retire.
His retirement is planned for the end of the second quarter of Analog Devices' 2015 fiscal year.
The Compensation Committee approved modifications so that his outstanding restricted stock units and performance restricted stock units will vest on a pro-rata basis up to his retirement date. Performance-based awards are calculated as if target performance levels were met.
This filing primarily addresses the executive's departure and the vesting of his equity. It does not provide immediate information on the financial impact of his departure, though the pro-rata vesting mechanism is designed to compensate him appropriately for his tenure.