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MCRL > SEC Filings for MCRL > Form 8-K on 23-Aug-2013All Recent SEC Filings

Show all filings for MICREL INC

Form 8-K for MICREL INC


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 August 23, 2013, Clyde R. Wallin, the Chief Financial Officer and Vice President of Finance and Human Resources of Micrel, Incorporated (the "Company"), resigned his employment with the Company effective November 15, 2013.
In connection with his resignation, Mr. Wallin entered into a transition and separation agreement with the Company.
Under the transition and separation agreement, Mr. Wallin will continue his current compensation arrangements and benefit plan eligibility with the Company through November 15, 2013, but the Company may transition him from his current responsibilities to an advisory role at any point prior to November 15, 2013 at its discretion in order to facilitate a smooth transition to his successor. Subject to Mr. Wallin's continued employment with the Company through November 15, 2013, or termination of his employment by the Company without cause prior to November 15, 2013, and his execution and of a general release of claims, he will receive accelerated vesting of his restricted stock units which would have vested on Dec 6, 2013 and his stock options which would have vested on January 12, 2014. Also, the Company may, at its option, extend Ray's employment for one to three months beyond November 15th if he is still available to provide such services.
The preceding discussion of the material terms of the transition and separation agreement is qualified in its entirety by reference to the entire text of the agreement, filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by this reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.       Description
 10.1             Transition and Separation Agreement by and between Clyde R.
                  Wallin and Micrel, Incorporated dated August 23, 2013
 99.1             Press release of Micrel, Incorporated dated August 23, 2013

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