Summary
This 8-K filing from McDonald's Corporation reports on the departure of Denis Hennequin, former President of Europe, and the terms of his separation agreement. The agreement, effective November 30, 2010, outlines a settlement indemnity payment of 310,000 euro to Mr. Hennequin in exchange for his resignation and adherence to confidentiality and non-solicitation covenants for two years post-resignation. The filing also details Mr. Hennequin's entitlement to certain other payments and benefits, including an expatriate premium, a pro-rata payout from a performance unit plan, the ability to exercise vested stock options, and accrued vacation pay. These provisions ensure an orderly separation while protecting the company's interests through non-compete and non-solicitation clauses.
Key Highlights
- 1Denis Hennequin, President of McDonald's Europe, resigned effective November 30, 2010.
- 2McDonald's entered into a Transaction Settlement Agreement with Mr. Hennequin.
- 3The company will pay Mr. Hennequin a lump sum settlement indemnity of 310,000 euro.
- 4Mr. Hennequin agreed to confidentiality and a two-year non-solicitation/non-hiring covenant.
- 5He remains subject to a one-year non-competition restriction from his employment agreement.
- 6Entitlements include a pro-rata payout from the 2010-2012 Cash Performance Unit Plan, payable in 2013.
- 7Mr. Hennequin can exercise vested stock options until February 28, 2011, with restrictions on selling shares for four years from grant date.