What is the main purpose of this 8-K filing?

This filing reports on a material definitive agreement entered into by Tyco International Ltd. concerning the departure of its Executive Vice President and Chief Financial Officer, David J. FitzPatrick.

What are the key financial terms of Mr. FitzPatrick's departure agreement?

Mr. FitzPatrick is entitled to a fiscal year 2005 annual bonus under specific terms, his 2004 restricted stock grant will vest in March 2007 if he complies with the agreement, and his supplemental retirement and deferred compensation benefits will be paid out starting in July 2006.

What obligations does Mr. FitzPatrick have following his departure?

Mr. FitzPatrick agreed to a general release of claims, to abide by restrictive covenants including confidentiality, non-solicitation, and non-competition, and to cooperate with the company on investigations and litigation, for which he will be compensated.

When does Mr. FitzPatrick's employment officially end, and what is his role until then?

His resignation as CFO was effective March 7, 2005. His employment will formally terminate on December 31, 2005, during which time he will serve as a Special Advisor to the Chairman and Chief Executive Officer.

JCI 8-K: Material Agreements

Summary

This 8-K filing from Tyco International Ltd. reports on a material definitive agreement related to the voluntary termination of employment and resignation of its Executive Vice President and Chief Financial Officer, David J. FitzPatrick. The agreement, effective March 24, 2005, outlines Mr. FitzPatrick's transition from CFO to a Special Advisor role until December 31, 2005, after which his employment will terminate. The filing details the financial and compensatory arrangements associated with this transition, including bonus eligibility, restricted stock vesting, and retirement/deferred compensation payouts. It also addresses the general release of claims by Mr. FitzPatrick and his commitment to restrictive covenants and cooperation with the company.

Key Highlights

1Tyco International Ltd. has entered into a Separation Agreement and General Release with its CFO, David J. FitzPatrick.
2Mr. FitzPatrick's resignation as CFO was effective March 7, 2005, with his employment officially terminating on December 31, 2005.
3He will serve as a Special Advisor to the CEO from March 7, 2005, through December 31, 2005, at his current salary and benefits.
4The agreement specifies bonus eligibility for fiscal year 2005 but no bonus for fiscal year 2006.
5Mr. FitzPatrick's 2004 restricted stock grant will vest on March 26, 2007, contingent on compliance with the agreement's terms.
6The agreement includes a general release of claims by Mr. FitzPatrick and outlines his adherence to restrictive covenants (confidentiality, non-solicitation, non-competition).
7Tyco will pay Mr. FitzPatrick $2,500 per day for cooperation in investigations or litigation after his employment ends.

Johnson Controls International plc 8-K Report, Material Agreement (Mar 30, 2005)

Summary

Key Highlights

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