8-KLeadership ChangesExhibits & Filings

IDEXX LABORATORIES INC /DE 8-K Report, Executive Changes (Oct 16, 2013)

Filed October 16, 2013For Securities:IDXX

Summary

IDEXX LABORATORIES, INC. (IDXX) filed an 8-K on October 16, 2013, announcing a significant executive leadership change. Brian P. McKeon has been appointed as the new Executive Vice President and Chief Financial Officer (CFO), effective January 1, 2014. Mr. McKeon brings extensive financial experience from his previous roles at Iron Mountain Incorporated and The Timberland Company, as well as strategic planning experience at PepsiCo Inc. He has also been a member of IDEXX's Board of Directors since 2003, recently serving as Chairman of the Audit Committee. This appointment signifies a transition in financial leadership for IDEXX. Mr. McKeon will assume both the Principal Financial Officer and Principal Accounting Officer roles upon his commencement. The filing details his compensation package, including a base salary, annual bonus target, significant equity awards (restricted stock units and stock options) with a 5-year vesting schedule, relocation assistance, and change-in-control benefits. The report also outlines amendments to previously granted equity awards to Mr. McKeon related to his directorship, ensuring continued vesting and exercisability under specific conditions tied to his new executive role.

Key Highlights

  • 1Appointment of Brian P. McKeon as Executive Vice President and Chief Financial Officer (CFO), effective January 1, 2014.
  • 2Mr. McKeon brings substantial financial expertise from prior executive roles at Iron Mountain and The Timberland Company.
  • 3Mr. McKeon's prior experience includes over a decade in finance and strategic planning at PepsiCo Inc.
  • 4Mr. McKeon has been a member of the IDEXX Board of Directors since July 2003, including recent leadership roles in the Audit and Compensation Committees.
  • 5Detailed compensation package for Mr. McKeon includes $500,000 base salary, 75% bonus target, and $1.5 million in equity awards.
  • 6Equity awards consist of restricted stock units and stock options, with a 5-year pro-rata vesting schedule.
  • 7Mr. McKeon will assume the roles of Principal Financial Officer and Principal Accounting Officer upon his start date.
  • 8Amendments were made to Mr. McKeon's existing director equity awards to accommodate his transition to an executive officer role.

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