Summary
This 8-K filing by Harris Corporation on October 15, 2009, primarily announces the planned retirement of Timothy Thorsteinson, President of the Broadcast Communications Division, effective October 31, 2009. The report details the terms of his separation agreement, which treats his retirement as an involuntary termination. This designation allows Mr. Thorsteinson to receive a severance package including one year of base salary, the fiscal 2009 annual cash incentive, continued insurance and healthcare benefits for twelve months, and one year of accelerated vesting for stock options and performance share units. The agreement also includes standard provisions such as a release of claims, and non-solicitation and non-competition clauses for a period of twelve months post-retirement.
Key Highlights
- 1Timothy Thorsteinson, President of the Broadcast Communications Division, will retire effective October 31, 2009.
- 2Mr. Thorsteinson's retirement is structured as an 'involuntary termination' under his existing agreement.
- 3He will receive a lump sum cash payment equivalent to one year of his base salary.
- 4Mr. Thorsteinson will also receive the annual cash incentive earned in fiscal year 2009.
- 5Continuation of insurance and healthcare benefits for twelve months post-retirement.
- 6One year of accelerated vesting for previously granted stock options and performance share units.
- 7Mr. Thorsteinson agrees to non-solicitation and non-competition obligations for twelve months following his retirement.