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ST > SEC Filings for ST > Form 8-K on 4-Feb-2014All Recent SEC Filings

Show all filings for SENSATA TECHNOLOGIES HOLDING N.V.

Form 8-K for SENSATA TECHNOLOGIES HOLDING N.V.


4-Feb-2014

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 February 4, 2014, Sensata Technologies Holding N.V. ("Sensata") announced that Paul Vasington has been named Executive Vice President and Chief Financial Officer, effective February 10, 2014.

Mr. Vasington, age 48, has diverse financial and managerial experience including 10 years with Honeywell International Inc. He most recently served as Vice President and Chief Financial Officer of Honeywell Aerospace. Previously, he served as Vice President and Chief Financial Officer of Honeywell Performance Materials and Technologies and as Vice President and Chief Financial Officer of Honeywell Security. Prior to joining Honeywell, Mr. Vasington held finance leadership roles at Crane Co. and Fortune Brands, Inc. Mr. Vasington began his career at Price Waterhouse.

In connection with Mr. Vasington's appointment as Executive Vice President and Chief Financial Officer, Sensata Technologies, Inc. ("STI"), a wholly-owned, indirect subsidiary of Sensata, entered into an employment agreement with Mr. Vasington. Pursuant to the terms of the employment agreement, Mr. Vasington's salary will be $440,040 per year, subject to periodic review by the Compensation Committee of Sensata's Board of Directors. In addition, Mr. Vasington will be eligible to receive an annual cash bonus with a target of 100% of his base salary. Mr. Vasington will also be eligible to participate in the benefit programs available to Sensata's other executive officers. If Mr. Vasington's employment is terminated by STI without "cause" (as defined in the employment agreement) or by him with "good reason" (as defined in the employment agreement), Mr. Vasington will be entitled to severance in an amount equal to one year of his then current base salary and an amount equal to the average of the annual bonus paid to him in the prior two years, plus continued participation in health and dental benefit plans for one year following the date of termination. The foregoing summary of Mr. Vasington's employment agreement is qualified in its entirety by reference to the complete agreement, a copy of which is attached as Exhibit 10.1 to this current report and is incorporated herein by reference.

In connection with his appointment as Executive Vice President and Chief Financial Officer, Mr. Vasington will receive a sign on cash bonus of $410,000 and a sign on equity award valued at $1,250,000 under the Sensata Technologies Holding N.V. 2010 Equity Incentive Plan, comprised of restricted stock units with a three year vesting period. Mr. Vasington will be eligible to receive an annual equity grant with a target grant value of $1,000,000, to be awarded two-thirds in options and one-third in performance-based restricted stock units.

In connection with Mr. Vasington's appointment as Executive Vice President and Chief Financial Officer, Jeffrey Cote will no longer serve as interim Chief Financial Officer and Principal Financial Officer of Sensata but will continue his responsibilities as Executive Vice President and Chief Operating Officer, effective as of February 10, 2014.
A press release dated February 4, 2014 announcing Mr. Vasington's appointment is attached as Exhibit 99.1 to this current report and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

10.1       Employment Agreement, entered into on February 4, 2014 between Sensata
           Technologies, Inc. and Paul S. Vasington.
99.1       February 4, 2014 press release entitled "Paul Vasington Joins Sensata
           Technologies Holding N.V. as Executive Vice President and Chief
           Financial Officer".


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