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CSC > SEC Filings for CSC > Form 8-K on 6-Jun-2012All Recent SEC Filings

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Form 8-K for COMPUTER SCIENCES CORP


6-Jun-2012

Change in Directors or Principal Officers


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 5, 2012, Computer Sciences Corporation ("Company") announced that James W. Sheaffer has retired from his position as president of the North American Public Sector, effective June 4, 2012. Mr. Sheaffer will continue his employment with the Company until June 29, 2012 to ensure a smooth transition. The Compensation Committee of the Board ("Compensation Committee") has agreed, as permitted under the terms of Mr. Sheaffer's outstanding equity-based awards, to accelerate the vesting of all outstanding options and restricted stock units that otherwise would have vested during the twelve-month period following Mr. Sheaffer's departure had he remained employed by the Company during that period. Accordingly, the vesting of 26,232 stock options and 9,197 service-based restricted stock units was accelerated. Mr. Sheaffer will forfeit an additional 14,080 stock options and 18,208 performance-based restricted stock units.

On June 5, 2012, the Company also announced that David W. Zolet has been appointed president of the North American Public Sector, effective June 4, 2012. Mr. Zolet will receive an annual base salary of $475,000 for the Company's 2013 fiscal year, with a target annual cash incentive opportunity equal to 110% of his annual base salary. In addition, he received an annual long-term equity incentive award with an approved value of 200% of his annual base salary, in each case with terms and conditions generally applicable to awards granted to other senior executive officers of the Company. Forty percent (40%) of the equity award consisted of stock options and the remaining 60% consisted of performance-based restricted stock units. The number of shares subject to the annual long-term equity incentive award was determined in accordance with the Company's Equity Grant Policy. Accordingly, Mr. Zolet received 44,759 stock options and 19,547 performance-based restricted stock units.

Prior to his appointment as president of the North American Public Sector unit, Mr. Zolet, 51, served as the president of business development in the North American Public Sector since June 2010. Prior to his tenure with the Company, from 2008 to 2010, Mr. Zolet was a vice president of Public Sector Systems Integration at IBM. Prior to that, he served as vice president and general manager of the Enterprise and Infrastructure unit from 2008 to 2009 and as vice president and general manager of the Commercial, State and Local Business unit at Northrop Grumman from 2007 to 2008.

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