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MOLX > SEC Filings for MOLX > Form 8-K on 18-Sep-2013All Recent SEC Filings

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Form 8-K for MOLEX INC


Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement

Effective September 16, 2013, Molex Incorporated ("Company," "we" or "our") and Mr. Graham C. Brock entered into a Retirement and Waiver and Release Agreement (the "Retirement Agreement"). Under the terms of the Retirement Agreement, when Mr. Brock retires as Executive Vice President and President of the Global Sales and Marketing Division on June 30, 2014 and through June 30, 2017, he will be entitled to receive 100% of his annual base salary as of June 30, 2014 (less any applicable deductions and tax withholdings) and certain retirement benefits to which he is entitled under the terms of the Company plans in which he participates. The Retirement Agreement provides that, when Mr. Brock retires, the Company will repatriate him and his family back to the United Kingdom in accordance with our Long-Term Assignment Policy. The Retirement Agreement also provides that the vesting of his outstanding stock awards will be accelerated effective June 30, 2014 and such awards shall be exercisable in accordance with the terms of the applicable stock incentive plan. In the event of Mr. Brock's death prior to June 30, 2017, the balance of any payments payable under the Retirement Agreement will be made to his surviving spouse.

The Company is not obligated to make payments or provide other benefits under the Retirement Agreement unless Mr. Brock remains in the employ of the Company through June 30, 2014 and complies with the confidentiality, non-solicitation and non-competition covenants set forth in the Retirement Agreement.

The description of the Retirement Agreement is qualified in its entirety by the Retirement Agreement, which is filed as Exhibit 10.1 to this report and is incorporated by reference in this Item 1.01.

Item 9.01 Exhibits

(d) Exhibits

Number                                    Description

10.1         Retirement and Waiver and Release Agreement by and between the Company
             and Graham C. Brock, effective September 16, 2013.

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