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DST > SEC Filings for DST > Form 8-K on 3-Jun-2013All Recent SEC Filings

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Change in Directors or Principal Officers, Financial Statements and Exhibits

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

On June 3, 2013, DST Systems, Inc. (the "Company") announced that its Vice President, Chief Financial Officer and Treasurer, Kenneth V. Hager, will retire from the Company later this year after 29 years of service to the Company, of which he has served for 25 years as Chief Financial Officer. Mr. Hager's retirement will occur on a date between August 1, 2013, and December 31, 2013.
The announcement was contained in a press release, which is attached as Exhibit 99.1 to this Form 8-K. Mr. Hager will continue to serve as Vice President, Chief Financial Officer and Treasurer until a successor has assumed the position, and he will continue employment in 2013 with the Company for the period the Company requests his transition assistance.

The Company has entered into a retirement agreement (the "Retirement Agreement") with Mr. Hager. The Retirement Agreement provides for a special retirement payment of $750,000 to fulfill certain requirements in Mr. Hager's employment agreement and in recognition of Mr. Hager's years of service to the Company and transition assistance. In addition, the Retirement Agreement provides that the Company will allocate a portion of its contribution to the Greater Kansas City Community Foundation, in the amount of $50,000 in the Company's name and in Mr. Hager's honor, to be donated by the Greater Kansas City Community Foundation to five charities designated by Mr. Hager. Mr. Hager's unvested incentive and equity awards will generally be governed by the terms and conditions of the applicable plans and award agreements. Mr. Hager will receive his accrued vacation and vested amounts payable under the Company's benefit plans in accordance with the terms of such plans and applicable law.

The Retirement Agreement contains covenants providing for continued assistance with respect to certain matters and the continued applicability of Mr. Hager's confidentiality, non-competition and non-solicitation covenants contained in his employment agreement and award agreements. The Retirement Agreement also contains a general release in favor of the Company and certain related parties.

The description of the Retirement Agreement contained in this Form 8-K is not intended to be complete, and is qualified in its entirety by reference to the complete text of the Retirement Agreement, a copy of which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.

ITEM 9.01 Financial Statements and Exhibits

(d). Exhibits.

Number                                   Description
10.1       Retirement Agreement dated May 31, 2013, by and between DST
           Systems, Inc. and Kenneth V. Hager
99.1       Press release dated June 3, 2013

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