Summary
This 8-K filing from The Williams Companies, Inc. (WMB) reports on a material definitive agreement entered into on April 2, 2008. The company finalized a separation, release, and consulting agreement with its former Senior Vice President and Chief Administrative Officer, Michael P. Johnson. This agreement is designed to ensure an orderly transition of responsibilities following Mr. Johnson's retirement on March 31, 2008.
Key Highlights
- 1Williams Companies entered into a separation, release, and consulting agreement with former SVP & CAO, Michael P. Johnson, effective April 2, 2008.
- 2The agreement covers Mr. Johnson's retirement and transition of duties.
- 3Mr. Johnson will provide consulting services for up to nine months post-retirement.
- 4The Company will pay Mr. Johnson $263,758 for consulting services.
- 5Williams Companies paid Mr. Johnson $500,000 in exchange for a comprehensive release of claims and agreements on non-disparagement, non-solicitation, and confidentiality.
- 6Financial planning services for Mr. Johnson will continue through July 31, 2009.