8-KLeadership Changes

Autodesk, Inc. 8-K Report, Executive Changes (Feb 3, 2011)

Filed February 3, 2011For Securities:ADSK

Summary

This Form 8-K filing from Autodesk, Inc. (ADSK) on February 3, 2011, primarily details the formalization of Ken Bado's departure as Executive Vice President, Sales and Services. The filing confirms a separation agreement entered into on January 28, 2011, with Mr. Bado's employment officially terminating on January 31, 2011. Investors should note the terms of the separation, which include a severance payment, continued salary and benefits during a transitional period through March 28, 2011, and a special payment contingent upon Mr. Bado's compliance with non-competition and non-solicitation clauses. This information is relevant for understanding executive transition costs and potential impacts on sales operations.

Key Highlights

  • 1Formal separation agreement executed with Ken Bado, Executive Vice President, Sales and Services.
  • 2Mr. Bado's employment with Autodesk officially terminated effective January 31, 2011.
  • 3Mr. Bado will provide transitional services through March 28, 2011.
  • 4The separation agreement includes a lump-sum severance payment of $55,384.62.
  • 5Additional payments totaling $362,692.30 are tied to Mr. Bado's compliance with non-competition and non-solicitation obligations.
  • 6Continued salary and employee benefits will be provided through March 28, 2011.
  • 7The filing confirms information previously announced in a December 14, 2010 filing regarding Mr. Bado's intent to resign.

Frequently Asked Questions

The main purpose of this 8-K filing is to formally report on the separation agreement between Autodesk, Inc. and its former Executive Vice President, Sales and Services, Ken Bado, detailing the terms of his departure and ongoing obligations.

Investors can expect to see a severance payment of $55,384.62, continued salary and benefits through March 28, 2011, and a significant special payment of $362,692.30 spread over two installments. These represent costs associated with the executive transition and are detailed in the filing.

Yes, Mr. Bado has agreed to certain non-competition and non-solicitation obligations as part of the separation agreement. The special payment of $362,692.30 is contingent upon his continued compliance with these terms.

Ken Bado's employment with Autodesk officially terminated as of January 31, 2011.