Summary
This 8-K filing by The Williams Companies, Inc. (WMB) reports on a material definitive agreement entered into on February 7, 2005. The agreement is a Severance, Release, and Restrictive Covenants Agreement with John Douglas Whisenant, the former Senior Vice President of the Gas Pipeline segment. Under the terms of this agreement, Mr. Whisenant will receive a severance payment of $850,000. In exchange for this payment, he has agreed to release Williams from any employment-related claims, maintain confidentiality of company information, and adhere to a two-year non-compete clause within the same business activities he performed for the company. Additionally, he will consult with Williams during the transition of business matters and assist with any related litigation or disputes.
Key Highlights
- 1Williams Companies, Inc. entered into a severance agreement with former Senior Vice President, John Douglas Whisenant.
- 2The agreement, dated February 7, 2005, includes a severance payment of $850,000.
- 3Mr. Whisenant released Williams from all claims related to his employment or termination.
- 4The agreement mandates confidentiality of Williams' proprietary information by Mr. Whisenant.
- 5A two-year restrictive covenant is in place, preventing Mr. Whisenant from competing with Williams in the same business activities.
- 6Mr. Whisenant agreed to consult with Williams on business transitions and potential litigation.