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HI > SEC Filings for HI > Form 8-K on 7-Jan-2014All Recent SEC Filings

Show all filings for HILLENBRAND, INC.



Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 17, 2013, Hillenbrand, Inc. (the "Company") announced that Cynthia L. Lucchese, the Company's Senior Vice President and Chief Financial Officer, will be leaving the Company effective March 31, 2014, to pursue other professional opportunities.

On January 6, 2014, the Company entered into a Separation and Release Agreement (the "Agreement") with Ms. Lucchese. Subject to the terms and conditions set forth therein, the Agreement provides for the following cash severance benefits to Ms. Lucchese: (i) in accordance with the terms of her employment agreement with the Company, a payment equal to her current annual base salary; (ii) a bonus-based payment reflecting her average annual cash incentive compensation; and (iii) a stay bonus payable if she remains with the Company through March 31, 2014, or if she and the Company mutually agree to an earlier termination date. These cash severance benefits equal $672,000 in the aggregate. In addition, the Agreement provides that one-third of the stock options included in the annual long-term incentive compensation award granted to Ms. Lucchese for fiscal year 2014 will vest immediately. Ms. Lucchese is also entitled to certain healthcare related benefits for a period not to exceed twelve months following her termination date.

Under the Agreement, Ms. Lucchese agrees to a general release of claims with respect to the Company and remains subject to applicable non-compete, non-solicitation and confidentiality provisions.

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which will be filed with the Company's Quarterly Report on Form 10-Q for the current quarter.

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