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ISIL > SEC Filings for ISIL > Form 8-K on 19-Jul-2013All Recent SEC Filings

Show all filings for INTERSIL CORP/DE



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.

(b) Termination of Employment of Named Executive Officer

On July 18, 2013 Intersil Corporation (the "Company") entered into a separation agreement with David Loftus, Senior Vice President of Worldwide Sales and one of the Company's named executive officers in fiscal year 2012, whereby Mr. Loftus' employment with the Company will terminate on or before September 27, 2013 (the "Agreement").

(e) Separation Agreement and Release

Under the terms of the Agreement, if Mr. Loftus remains employed with the Company through September 27, 2013, his pre-termination salary and benefits will continue through September 27, 2013 and he will receive severance benefits consisting of (i) a lump sum severance payment of $329,000, (ii) continued vesting of stock options, deferred stock units and restricted stock units granted prior to his termination through April 2, 2014, and (iii) continued medical, dental and vision insurance through March 31, 2014. The Agreement provides that Mr. Loftus' severance benefits are contingent on his execution of a release of claims. The Agreement includes post-termination non-solicitation, non-compete and non-disparagement provisions as well as a perpetual confidentiality covenant. The foregoing description of the terms and conditions of the Agreement is only a summary and is qualified in its entirety by the full text of such agreement, a copy of which is filed herewith and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following document is attached as an exhibit to this Current Report on Form 8-K:

Number      Description

 10.1       Separation Agreement and General Release dated July 18,
            2013 between Intersil Corporation and David Loftus.

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