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MSM > SEC Filings for MSM > Form 8-K on 13-Jan-2014All Recent SEC Filings




Change in Directors or Principal Officers, Regulation FD Disclosure

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

(b) and (e) On January 13, 2014, MSC Industrial Direct Co., Inc. (the "Company") announced that Ms. Eileen McGuire resigned from her position as Executive Vice President, Human Resources effective February 28, 2014.

In connection with Ms. McGuire's resignation, the Company entered into a Separation Agreement and General Release, dated January 13, 2014, with Ms. McGuire. Under the terms of the Separation Agreement, in consideration for a general release and subject to compliance with non-competition, non-solicitation, confidentiality and cooperation provisions, Ms. McGuire will receive (i) cash severance of $1,060,460, payable over a three-year period, (ii) a payment of $500,000 in recognition of Ms. McGuire's long-standing tenure and contribution, payable over a three-year period, (iii) a pro rata incentive bonus for fiscal year 2014, based on actual company performance, (iv) continued vesting of outstanding restricted stock awards, (v) acceleration of vesting of outstanding stock options, which stock options shall be exercisable for a period of 30 days following termination of employment in accordance with the terms of the Company's 2005 Omnibus Incentive Plan, (vi) COBRA health insurance coverage for 18 months, (vii) a lump sum payment of $120,000 for relocation costs, and
(vii) continued use of the company-leased automobile for the remainder of the lease term.

Item 7.01 Regulation FD Disclosure

The Company notes that the cash charges and the non-cash charges related to the equity award modifications, to be incurred in its fiscal second quarter as a result of the Separation Agreement described in Item 5.02 of this Form 8-K, were not included in its fiscal second quarter guidance included in the Company's press release, dated January 8, 2014. The Company does not undertake any obligation to update any forward-looking statements.

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