Summary
Williams Companies, Inc. (WMB) filed an 8-K on September 20, 2012, to report on a consulting agreement with its former Senior Vice President - Corporate Development, Phillip D. Wright. Mr. Wright, who retired on April 1, 2012, will provide consulting services through April 1, 2014, to ensure the company can leverage his knowledge and expertise. This agreement includes standard provisions such as non-competition and non-solicitation clauses. In exchange for his continued advisory role and the comprehensive release of claims, Williams Companies will pay Mr. Wright a total of $500,000. This arrangement appears to be a strategic move to retain valuable institutional knowledge during a period of transition, aiming to minimize disruption and maintain continuity in corporate development matters.
Key Highlights
- 1Williams Companies entered into a Consulting Agreement and Release with former SVP - Corporate Development, Phillip D. Wright, effective September 17, 2012.
- 2Mr. Wright retired from the company on April 1, 2012.
- 3The agreement obligates Mr. Wright to provide consulting services through April 1, 2014.
- 4The company cited the desirability of retaining Mr. Wright's knowledge, expertise, and experience.
- 5The agreement includes a comprehensive release of claims by Mr. Wright.
- 6Mr. Wright has agreed to non-competition, non-solicitation of employees, and non-interference clauses.
- 7Williams Companies will pay Mr. Wright a total of $500,000 as consideration for the agreement.