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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CIRCOR International Inc | NYSE:CIR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 56.00 | 0 | 01:00:00 |
DELAWARE | 001-14962 | 04-3477276 |
(State or other jurisdiction of incorporation) | (Commission file number) | (IRS employer identification no.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR240.13e-4(c)) |
Item 5.02(b) | Departure of Principal Financial Officer. |
Item 5.02(e) | Entry into a Material Contract with Principal Financial Officer. |
• | Mr. Burditt shall receive continuation pay for a period of twelve months from the cessation of his employment at his current annual base salary of $350,893. |
• | Mr. Burditt shall receive a one-time payment equal to a pro-rata (based on the portion of 2013 for which he is employed by the Company) amount of the bonus that he would have received pursuant to the terms and conditions of the Company's 2013 Short-Term Incentive Plan (the “Bonus Plan”) if he were employed by the Company on the date such bonus is determined and paid. Under the terms of the Bonus Plan, Mr. Burditt's target bonus is 55% of his current base salary of $350,893. Payout under the Bonus Plan can range from 0% to 200% of target depending upon the Company's achievement against certain financial goals previously established by the Compensation Committee of the Board of Directors; as such, the value of this benefit to Mr. Burditt potentially ranges from $0 to $385,982. |
• | Mr. Burditt shall receive an additional lump sum bonus payment equal to $205,000. |
• | For a period of twelve months from the cessation of his employment with the Company, if Mr. Burditt elects to continue health insurance coverage under COBRA, the Company shall continue to pay the share of the premium for such coverage that the Company is paying during such period for active and similarly situated employees who receive the same type of coverage. |
• | Vesting of certain stock option and restricted stock unit awards (RSUs) previously granted to Mr. Burditt shall be accelerated as follows: |
Award Date | Nature of Award | #Options / RSUs | Exercise Price ($) | Original Vesting / Exercise Date | Accelerated Vesting / Exercise Date |
2/28/2011 | Stock Options | 8,203 | 39.00 | 2/28/2014 | Retirement Date |
3/5/2012 | Stock Options | 2,911 | 32.76 | 3/5/2014 | Retirement Date |
2/28/2011 | RSUs | 1,212 | N/A | 2/28/2014 | Retirement Date |
3/5/2012 | RSUs | 1,259 | N/A | 3/5/2014 | Retirement Date |
3/4/2013 | RSUs | 1,528 | N/A | 3/4/2014 | Retirement Date |
Item 7.01 | Regulation FD Disclosure |
Item 9.01 | Financial Statements and Exhibits |
Exhibit No. | Description |
99.1 | CIRCOR International, Inc Press Release dated August 1, 2013 |
Date: August 5, 2013 | CIRCOR INTERNATIONAL, INC. | |
/s/ Alan J. Glass | ||
By: | Alan J. Glass | |
Vice President, General Counsel and Secretary |
1 Year CIRCOR Chart |
1 Month CIRCOR Chart |
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