8-KLeadership Changes

ENTEGRIS INC 8-K Report, Executive Changes (Dec 3, 2014)

Filed December 3, 2014For Securities:ENTG

Summary

This Form 8-K filing by Entegris, Inc. (ENTG) reports on the severance agreement entered into with former executive Gregory Morris, effective November 27, 2014. The agreement details the terms of Mr. Morris's departure, which officially occurred on November 13, 2014. For investors, the key takeaway is the financial commitment Entegris is making to Mr. Morris as part of his separation. The severance package includes a substantial salary continuation for 24 months post-termination. Additionally, Mr. Morris is eligible for variable incentive compensation based on fiscal year 2014 performance and will have certain unvested equity awards accelerated for vesting if they were due to vest before February 20, 2015. The company will also cover COBRA payments for 24 months. This filing provides clarity on the financial implications of executive departures and assures shareholders that the separation is structured with defined terms and includes standard releases and confidentiality clauses.

Key Highlights

  • 1Entegris entered into a severance agreement with former executive Gregory Morris, effective November 27, 2014.
  • 2Mr. Morris's employment termination was effective November 13, 2014.
  • 3The severance package includes salary continuation for 24 months.
  • 4Mr. Morris is eligible for fiscal year 2014 variable incentive compensation.
  • 5Certain unvested equity awards scheduled to vest before February 20, 2015, will be allowed to vest.
  • 6Entegris will reimburse Mr. Morris for COBRA payments for 24 months.
  • 7The agreement includes mutual releases and confidentiality/non-compete provisions.

Frequently Asked Questions

The primary purpose of this 8-K filing is to disclose the terms of a severance agreement between Entegris, Inc. and its former executive, Gregory Morris, following his departure from the company.

Gregory Morris will receive 24 months of salary continuation, variable incentive compensation based on fiscal year 2014 performance, and reimbursement for COBRA payments for 24 months. Certain unvested equity awards are also permitted to vest if they were scheduled to do so before February 20, 2015.

No, the filing indicates that the severance agreement includes a mutual release where Mr. Morris releases the Company from any claims related to his employment and its termination. He also agrees to preserve confidentiality and not compete with the company.

Gregory Morris's employment with Entegris terminated effective November 13, 2014.