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MLI > SEC Filings for MLI > Form 8-K on 9-Nov-2012All Recent SEC Filings

Show all filings for MUELLER INDUSTRIES INC

Form 8-K for MUELLER INDUSTRIES INC


9-Nov-2012

Change in Directors or Principal Officers, Financial Statements and Exhibi


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

As previously disclosed, effective October 26, 2012, Kent A. McKee ("Mr. McKee") stepped down as the Executive Vice President and Chief Financial Officer of Mueller Industries, Inc. (the "Company") to pursue other opportunities.

In connection with his separation, on November 7, 2012, Mr. McKee entered into a separation agreement (the "Separation Agreement") with the Company, pursuant to which Mr. McKee has agreed to remain available to provide transition assistance to the Company through the filing of the Company's annual report on Form 10-K for the fiscal year ending December 29, 2012. In consideration for these services and the covenants and release described below, Mr. McKee will be entitled to: (i) continued payment of his base salary of $414,544 per annum through July 28, 2014; (ii) payment of an annual bonus in respect of the 2012 fiscal year in an amount to be determined in accordance with the terms of the Company's 2012 annual bonus plan, to be paid at such time as annual bonuses in respect of the 2012 fiscal year are paid to other senior executives of the Company; (iii) payment of an amount equal to $496,909, to be paid at such times as annual bonuses in respect of the 2013 fiscal year are paid to other senior executives of the Company; (iv) continued vesting of unvested options to purchase shares of the Company's common stock, par value $0.01 per share ("Options") and unvested shares of restricted common stock previously granted;
(v) continued exercisability of vested Options until the earlier of (A) the expiration date of the Options as set forth in the applicable award agreements (without regard to his termination), or (B) October 30, 2015; and (vi) to the extent permitted by applicable law, payment of an amount equal to his monthly COBRA premium cost for up to eighteen (18) months.

The Separation Agreement contains customary noncompete and nonsolicit covenants that will apply through July 28, 2014 and a customary general release of claims in favor of the Company and its affiliates.

The description of the Separation Agreement set forth herein is qualified in its entirety by the Separation Agreement, a copy of which is filed as Exhibit 10.1 to this Form 8-K and incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

10.1 Separation Agreement by and between the Company and Kent A. McKee, dated November 7, 2012.

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