Summary
Teradyne, Inc. (TER) filed an 8-K on July 3, 2012, reporting the retirement of Jeffrey R. Hotchkiss, President of the Systems Test Group, effective June 29, 2012. This filing details the separation agreement between the company and Mr. Hotchkiss, outlining the terms of his transition and continued engagement. The agreement provides for Mr. Hotchkiss to offer consulting services to Teradyne until January 27, 2016, and adhere to non-competition and non-solicitation clauses during this period. In return, Teradyne has agreed to specific arrangements regarding the vesting and exercise of Mr. Hotchkiss's unvested restricted stock units and stock options, including those granted prior to and during 2012. This ensures a structured transition while retaining the company's interests.
Key Highlights
- 1Retirement of Jeffrey R. Hotchkiss, President of Systems Test Group, effective June 29, 2012.
- 2Teradyne entered into a separation agreement with Mr. Hotchkiss.
- 3Mr. Hotchkiss will provide consulting services to Teradyne through January 27, 2016.
- 4Mr. Hotchkiss is subject to non-competition and non-solicitation provisions until January 27, 2016.
- 5The agreement addresses the continued vesting of Mr. Hotchkiss's unvested restricted stock units and stock options granted prior to and during 2012.
- 6Vested or vesting stock options can be exercised for the remainder of their term.
- 7The filing is an 8-K Current Report dated July 3, 2012, with the earliest event reported as June 29, 2012.