Summary
This SEC Form 8-K filing from Rockwell Automation, Inc. (ROK) on May 25, 2007, primarily details the mutual separation agreement with former Senior Vice President and Chief Financial Officer, James V. Gelly. The agreement, effective May 21, 2007, outlines the terms of Mr. Gelly's departure following his resignation on April 4, 2007. Key provisions include continued salary and benefits through September 30, 2007, a severance payment equivalent to one year's base salary, and the payment of a fiscal year 2007 annual bonus. Additionally, the company accelerated the vesting of a significant number of stock options and restricted stock awards, subject to forfeiture until December 31, 2007, if Mr. Gelly fails to meet his obligations under the agreement. These obligations include adherence to insider trading policies, non-disparagement, non-solicitation, confidentiality, and a non-compete clause until May 1, 2009.
Key Highlights
- 1Rockwell Automation entered into a mutual separation agreement with its former CFO, James V. Gelly, effective May 21, 2007.
- 2Mr. Gelly's base salary and benefits will continue through September 30, 2007.
- 3The company will provide Mr. Gelly with severance pay equal to one year's base salary ($495,000).
- 4Mr. Gelly is eligible to receive his fiscal year 2007 annual bonus.
- 5Vesting of 76,667 stock options and 5,800 restricted stock awards has been accelerated.
- 6Accelerated equity awards are subject to forfeiture until December 31, 2007, contingent on Mr. Gelly fulfilling his obligations.
- 7Mr. Gelly agreed to non-disparagement, non-solicitation, confidentiality, and a non-compete agreement until May 1, 2009.