Summary
Autodesk, Inc. (ADSK) filed an 8-K on January 24, 2007, to report on the execution of a new employment agreement with its Executive Chairman, Carol A. Bartz. This agreement, effective January 19, 2007, supersedes a prior agreement from 1992. The new agreement outlines Ms. Bartz's compensation and benefits, including an annual base salary of $500,000. It also details provisions for equity grants at the Board's discretion, a 30-day termination notice period for either party, and continued board nomination. Importantly, the agreement specifies severance benefits contingent upon a change of control, termination by the company without cause, or resignation for good reason.
Key Highlights
- 1Autodesk entered into a new employment agreement with Executive Chairman Carol A. Bartz, effective January 19, 2007.
- 2The agreement establishes an annual base salary of $500,000 for Ms. Bartz.
- 3The Board of Directors retains discretion over the granting of stock options and other equity awards to Ms. Bartz.
- 4The employment relationship can be terminated by either party with 30 days' written notice.
- 5The company has committed to continue nominating Ms. Bartz to its Board of Directors.
- 6Severance benefits are stipulated in cases of change of control, termination without cause by the company, or resignation for good cause by Ms. Bartz.
Frequently Asked Questions
The primary purpose of this 8-K filing is to report Autodesk's entry into a new employment agreement with its Executive Chairman, Carol A. Bartz.
Carol A. Bartz's new annual base salary under the agreement is $500,000.
Ms. Bartz is entitled to severance benefits if there is a change of control of the company, if her employment is terminated by the company without cause, or if she resigns for good reason.
No, the agreement includes a provision for the company to continue nominating Ms. Bartz to serve as a member of the Board of Directors during the term of the agreement.