Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
MSFT > SEC Filings for MSFT > Form 8-K on 26-Sep-2013All Recent SEC Filings

Show all filings for MICROSOFT CORP



Change in Directors or Principal Officers

Item 5.02(e) Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e) Effective September 21, 2013 the Compensation Committee of the Board of Directors of Microsoft Corporation (the "Company") approved the Senior Executive Severance Benefit Plan (the "Severance Plan") as an additional measure to help ensure continuity of key leaders by providing to designated executives who participate in the Company's Executive Incentive Program a severance benefit if they are terminated without cause. This benefit consists of (i) a severance payment equal to one-times annual base salary plus target annual cash award,
(ii) pro-rata payment of the executive's annual cash award, (ii) vesting in a pro-rata portion of stock awards that would otherwise vest in the 12 months after termination of employment, (iv) six months of continued health care premiums under COBRA and (v) twelve months of outplacement assistance. There is no change-in-control provision in the Severance Plan. To receive the severance benefit, the executive is required to execute a separation agreement that includes a release of claims, confidentiality and non-disparagement provisions, and twelve-month non-compete/non-solicitation restrictions.

This summary is qualified by the text of the Severance Plan, which is filed as an exhibit to this report and incorporated herein by reference.

  Add MSFT to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for MSFT - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.