8-KLeadership Changes

TERADYNE, INC 8-K Report, Executive Changes (Jul 18, 2019)

Filed July 18, 2019For Securities:TER

Summary

Teradyne, Inc. (TER) filed an 8-K on July 18, 2019, to report the retirement of Vice President and Senior Advisor, Gregory R. Beecher, effective July 17, 2019. While Mr. Beecher is stepping down from his role, the company has entered into a retirement agreement that outlines specific terms for the continued vesting of his unvested equity awards, extending through January 31, 2023, under certain conditions. This agreement also includes standard provisions such as non-competition and non-solicitation clauses.

Key Highlights

  • 1Gregory R. Beecher, Vice President and Senior Advisor, retired effective July 17, 2019.
  • 2Sanjay Mehta, previously announced, succeeded Mr. Beecher as CFO on April 25, 2019.
  • 3A retirement agreement was finalized with Mr. Beecher on July 17, 2019.
  • 4Unvested equity awards (restricted stock units and stock options) will continue to vest through January 31, 2023, subject to specific conditions and pro-ration based on employment duration.
  • 5Vested options or those vesting prior to January 31, 2023, may be exercised for the remainder of their term.
  • 6Mr. Beecher has agreed to non-competition and non-solicitation restrictions until January 31, 2023.
  • 7The filing also includes standard terms and conditions related to Mr. Beecher's separation and an employment release.

Frequently Asked Questions

This 8-K filing is primarily to announce the retirement of Gregory R. Beecher, Vice President and Senior Advisor of Teradyne, Inc., effective July 17, 2019, and to detail the terms of his retirement agreement, particularly regarding equity awards and post-employment restrictions.

Mr. Beecher's unvested equity awards, including time-based restricted stock units and stock options granted before 2019, will continue to vest according to their original terms through January 31, 2023. For awards granted in 2019 or within 365 days of the retirement date, vesting will be pro-rated based on his employment duration during the relevant period.

Yes, as part of the retirement agreement, Mr. Beecher has agreed to abide by non-competition and non-solicitation restrictions through January 31, 2023.

The Chief Financial Officer role has already transitioned. Sanjay Mehta succeeded Mr. Beecher as CFO effective April 25, 2019, prior to Mr. Beecher's retirement date.