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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Plantronics Inc | NYSE:PLT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.87 | 0 | 01:00:00 |
Delaware
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1-12696
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77-0207692
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(State or Other Jurisdiction of Incorporation)
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(Commission file number)
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(I.R.S. Employer Identification No.)
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Not Applicable
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(Former name or former address, if changed since last report)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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COMMON STOCK, $0.01 PAR VALUE
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PLT
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New York Stock Exchange
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•
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Compensation and benefits for Mr. Burton’s services as a Strategic Advisor during the Transition Period:
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An annualized base salary of $800,000, payable in arrears from the Transition Date through the Separation Date in accordance with the Company’s standard payroll practices, less applicable tax withholding;
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Mr. Burton will not be eligible to participate in any Company-sponsored bonus plan or program, nor will be granted any new equity awards, during the Transition Period, however his “service” for all purposes under his applicable equity agreements will continue during the Transition Period;
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He will be reimbursed up to $10,000 in reasonable legal fees associated with the review of Agreement; and
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He will continue to participate in other employee benefit plans generally applicable to other executive officers of the Company, including the Company’s Exempt Time Off program, provided that no vacation time will accrue under the terms of that program.
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•
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Severance Benefits following Mr. Burton’s Separation Date:
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24 months of his base salary in effect immediately before the Transition Date, commencing 60 days following his separation date and payable on the Company’s standard payroll practices;
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A lump-sum cash payment equal to $1,000,000, which is the amount of Mr. Burton’s annual target incentive bonus for the fiscal year, payable on the first regular payroll date following 60 days after the Separation Date;
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Outstanding equity awards as of the Separation Date will vest in full as to 50% of the unvested portion of the award (at the target level for any such awards that have performance goals);
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A lump sum cash payment of $18,000, which is the premium Mr. Burton would be required to pay for 18 months of group health coverage under COBRA; and beginning on the 18-month anniversary of the Separation Date, the Company will pay or reimburse the full premium amounts for Mr. Burton and his eligible dependents for health coverage comparable to that received under the Company’s plan for an additional 42 months (or until such earlier date on which he becomes eligible for health coverage from another employer), up to a maximum amount of $50,000; and
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24 months of standard outplacement services, payable to the provider and not payable in cash to Mr. Burton, provided it is initiated by him within 3 months of the Separation Date.
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Date:
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March 13, 2020
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PLANTRONICS, INC.
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By:
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/s/ Mary Huser
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Name:
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Mary Huser
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Title:
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Executive Vice President and Chief Legal and Compliance Officer
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1 Year Plantronics Chart |
1 Month Plantronics Chart |
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