What is the impact of Richard Meaney's departure on Analog Devices' leadership and operations?

Richard Meaney, Senior Vice President of the Industrial, Healthcare, and Consumer Business Group, will leave the company on December 31, 2016. Rick D. Hess, who currently leads the Communications and Automotive business groups, will absorb the responsibilities of Mr. Meaney's former groups, indicating a consolidation of leadership in these areas. Mr. Meaney will remain an executive officer until October 29, 2016, and serve as a Special Advisor to the CEO until his departure.

Why did Analog Devices withdraw and resubmit its HSR Act filing for the Linear Technology acquisition?

Analog Devices voluntarily withdrew its Hart-Scott-Rodino (HSR) Act filing on September 15, 2016, to provide the Federal Trade Commission (FTC) with additional time to conduct its review of the proposed acquisition. The company then resubmitted the filing on September 19, 2016, which initiated a new waiting period under the HSR Act, indicating that the review process is ongoing and both companies are cooperating with the FTC.

What are the financial terms of Richard Meaney's separation agreement?

Upon his separation date (December 31, 2016), Richard Meaney will receive a payment equivalent to two years of his base salary and bonus at target. He will also receive continued coverage under the company's group health plans for 12 months post-separation. Furthermore, in consideration for signing a non-competition and non-solicitation agreement, all his outstanding stock options, restricted stock units, and performance restricted stock units scheduled to vest by March 31, 2017, will vest immediately. Performance-based equity awards will vest at target performance levels.

Where can investors find more information about the proposed acquisition of Linear Technology?

Investors can find more information regarding the proposed acquisition of Linear Technology by visiting the SEC's website (www.sec.gov) or Analog Devices' investor relations website (www.analog.com). Specific documents, including the Form S-4 registration statement and the proxy statement/prospectus, have been filed with the SEC. These documents, along with information from Linear Technology's website (www.linear.com) or by contacting their Investor Relations departments directly, contain crucial details about the transaction.

ADI 8-K: Leadership Changes

Summary

Analog Devices Inc. (ADI) filed an 8-K on September 18, 2016, detailing two key events. Firstly, the company announced a leadership transition, with Senior Vice President Richard Meaney set to depart on December 31, 2016. Mr. Meaney will receive a severance package including two years of base salary and bonus, 12 months of health plan coverage, and accelerated vesting of certain equity awards in exchange for a non-competition and non-solicitation agreement. Rick D. Hess will assume leadership of Mr. Meaney's former business groups. Secondly, ADI reported on its acquisition of Linear Technology Corporation. The company voluntarily withdrew and subsequently resubmitted its Hart-Scott-Rodino (HSR) Act filing on September 19, 2016, to allow the Federal Trade Commission additional review time. This action restarts the HSR waiting period. ADI and Linear are cooperating with the FTC's review, and further important information regarding the transaction is being filed with the SEC, including a Form S-4 registration statement containing a proxy statement/prospectus.

Key Highlights

1Richard Meaney, Senior Vice President, will depart Analog Devices effective December 31, 2016.
2Mr. Meaney's departure package includes a two-year base salary and target bonus, 12 months of health plan continuation, and accelerated vesting of certain equity awards.
3Rick D. Hess will take over leadership of the Industrial, Healthcare, and Consumer business groups previously led by Mr. Meaney.
4Analog Devices voluntarily withdrew and resubmitted its HSR Act filing for the Linear Technology acquisition on September 19, 2016.
5The HSR filing withdrawal and resubmission were made to provide the FTC with more time for review.
6A new HSR waiting period has commenced following the resubmission.
7ADI and Linear Technology are cooperating with the Federal Trade Commission's review of the acquisition.

ANALOG DEVICES INC 8-K Report, Executive Changes (Sep 19, 2016)

Summary

Key Highlights

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