|
Quotes & Info
|
| HRS > SEC Filings for HRS > Form 8-K on 15-Oct-2009 | All Recent SEC Filings |
15-Oct-2009
Change in Directors or Principal Officers
On October 13, 2009, Timothy Thorsteinson, age 55, announced his plans to retire as President, Broadcast Communications Division of Harris Corporation (the "Company"), with such retirement to be effective as of October 31, 2009 (the "Effective Date"). In connection with Mr. Thorsteinson's retirement, the Company and Mr. Thorsteinson entered into a Separation Agreement and Release of All Claims, dated October 13, 2009 (the "Separation Agreement"). Pursuant to the Separation Agreement, Mr. Thorsteinson's retirement will be treated as an "involuntary termination," including under his existing Letter of Agreement with the Company dated January 23, 2007. Accordingly, Mr. Thorsteinson will receive a lump sum cash payment equal to one year of his current base salary and the annual cash incentive payment earned by him in fiscal 2009. Under the Separation Agreement, Mr. Thorsteinson will also receive, consistent with past practice, continued: (a) insurance and health care benefits for twelve months following the Effective Date and (b) vesting for one year of previously granted stock options and performance share units. The Separation Agreement also provides for a full and general release by Mr. Thorsteinson in favor of the Company, and Mr. Thorsteinson's agreement to certain non-solicitation and non-competition obligations for a period of twelve months following the Effective Date.
|
|