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.