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KBR > SEC Filings for KBR > Form 8-K on 16-Dec-2013All Recent SEC Filings

Show all filings for KBR, INC.

Form 8-K for KBR, INC.


Change in Directors or Principal Officers, Financial Statements and Exhibits

ITEM 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

On December 11, 2013, William P. Utt, Chairman, President and Chief Executive Officer ("CEO") of KBR, Inc. (the "Company") notified the Board of Directors of the Company that he plans to retire from the Company in 2014. Mr. Utt will continue to serve as Chairman, President and CEO of the Company until his successor is appointed (the "Separation Date").

On December 13, 2013, Mr. Utt entered into a transition agreement to assist with a smooth and successful transition to his successor. The transition agreement provides that Mr. Utt will receive: (i) his salary, incentives, and benefits through March 31, 2014, if the Separation Date occurs prior to that date, (ii) a cash payment of $1,000,000, (iii) an extension of the exercise period of Mr. Utt's vested stock options to one year following the Separation Date, and (iv) the ability to elect coverage under the Company's medical plan at his full cost. The above summary of the terms of the transition agreement is qualified in its entirety by reference to the full text of the transition agreement, which is filed as Exhibit 10.1 to this Current Report.

On December 16, 2013, the Company issued a press release announcing Mr. Utt's plans to retire from the Company. A copy of the Company's press release is furnished as Exhibit 99.1 to this Current Report.

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits.

10.1 CEO Transition Agreement.

99.1 Press Release dated December 16, 2013, entitled "William P. "Bill" Utt to Retire in 2014; Board of Directors Forms Search Committee to Identify Successor."

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