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| MLI > SEC Filings for MLI > Form 8-K on 9-Nov-2012 | All Recent SEC Filings |
9-Nov-2012
Change in Directors or Principal Officers, Financial Statements and Exhibi
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.
(d) Exhibits:
10.1 Separation Agreement by and between the Company and Kent A. McKee, dated November 7, 2012.
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