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.
Frequently Asked Questions
The primary purpose of this 8-K filing is to disclose a material definitive agreement entered into by The Williams Companies, Inc. with a former executive, Michael P. Johnson, related to his separation and continued consulting services.
Williams Companies will pay Mr. Johnson $263,758 for up to nine months of consulting services and paid him $500,000 for a comprehensive release of claims. Additionally, the company will continue to provide financial planning services until July 31, 2009.
The company deemed Mr. Johnson's continued availability necessary for an orderly transition of his duties to his successor, indicating a need for his expertise during this period.
Mr. Johnson agreed to provide consulting services, release the company from potential claims, not disparage the company, not solicit company employees, and maintain confidentiality of company information.