Summary
Teradyne, Inc. (TER) filed an 8-K on March 11, 2009, to announce the departure of its Vice President, General Counsel, and Secretary, Eileen Casal, effective March 31, 2009. Ms. Casal's departure is to pursue other career opportunities and is accompanied by a severance agreement. Under the terms of the severance agreement, Ms. Casal will receive her current base salary of $277,742 for one year post-departure. Additionally, Teradyne will continue to cover the company's portion of her health, vision, and dental insurance premiums for one year. This agreement also includes a one-year non-competition clause and requires Ms. Casal to provide transition and ongoing litigation assistance to the company.
Key Highlights
- 1Eileen Casal, VP, General Counsel & Secretary, is departing Teradyne.
- 2Ms. Casal's last day with the company will be March 31, 2009.
- 3A severance agreement has been entered into with Ms. Casal.
- 4The severance package includes one year of continued base salary ($277,742 annually).
- 5Teradyne will pay for Ms. Casal's health, vision, and dental insurance continuation for one year.
- 6Ms. Casal is subject to a one-year non-competition agreement.
- 7Ms. Casal has agreed to provide transition and litigation assistance for one year.