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DLB > SEC Filings for DLB > Form 8-K on 1-Apr-2013All Recent SEC Filings

Show all filings for DOLBY LABORATORIES, INC. | Request a Trial to NEW EDGAR Online Pro



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 March 27, 2013, Dolby Laboratories, Inc. (the "Company") entered into a Separation Agreement and Release with Ramzi Haidamus, the Company's Executive Vice President, Marketing and Business Development (the "Agreement"). Pursuant to the terms of the Agreement, Mr. Haidamus ceased to serve as the Company's Executive Vice President, Marketing and Business Development, effective March 27, 2013, but will provide transitional services to the Company until March 31, 2014 (the "Transition Period"). During the first three months of the Transition Period, Mr. Haidamus will continue to receive his current base salary and then for the remainder of the Transition Period, he will receive $10,000 per month. His outstanding equity awards will continue to vest during the Transition Period and he will remain eligible for a prorated bonus under the 2013 Dolby Executive Annual Incentive Plan. Mr. Haidamus provided a release of claims in favor of the Company under the Agreement. If he continues to provide transition services through December 31, 2013, Mr. Haidamus will then receive a lump-sum payment equal to 12 months of his current base salary, less applicable withholdings. In addition, if he continues to provide transition services through December 31, 2013, then, consistent with the terms of his outstanding equity awards, the vesting with respect to certain shares subject to such awards will accelerate (under such terms, the vesting with respect to 46,775 options shares and 10,500 RSUs will accelerate). In addition, at such time Mr. Haidamus will be eligible to receive up to $25,000 in outplacement services. Furthermore, if Mr. Haidamus continues to provide transition services through March 31, 2014, he will also receive an additional payment of $42,000.

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