Summary
This Form 8-K filing from Microsoft Corporation (MSFT) on December 4, 2009, primarily reports on the departure of its former Chief Financial Officer (CFO), Christopher P. Liddell. Mr. Liddell's resignation was effective November 24, 2009, with his departure from the company finalized on December 31, 2009. The filing details a resignation agreement between Microsoft and Mr. Liddell. Under the terms of the agreement, Microsoft will make two payments totaling $1.9 million to Mr. Liddell. The first payment of $950,000 is scheduled for December 31, 2009, and the second payment of $950,000 is due on March 31, 2010. These payments are intended to compensate him for his services during the first half of fiscal year 2010 and for fulfilling his obligations under the agreement, which include confidentiality and mutual releases. The payments are contingent upon Mr. Liddell adhering to the terms of the agreement.
Key Highlights
- 1Departure of former CFO Christopher P. Liddell announced, effective November 24, 2009, with a final departure date of December 31, 2009.
- 2Microsoft entered into a resignation agreement with Mr. Liddell on December 1, 2009.
- 3The agreement outlines total compensation of $1.9 million to be paid to Mr. Liddell.
- 4Payments are structured as $950,000 on December 31, 2009, and $950,000 on March 31, 2010.
- 5Compensation is for services rendered in H1 FY10 and adherence to the agreement's terms.
- 6Payments are subject to forfeiture if Mr. Liddell breaches the resignation agreement.
- 7The agreement includes confidentiality provisions and mutual releases of claims.