Executive VP Ops Martin Finkbeiner to Leave WD

Here is an abstract of WD’s SEC filing:

On December 1, 2010, Western Digital Corporation and Martin W. Finkbeiner entered into a Separation and General Release Agreement pursuant to which Mr. Finkbeiner’s employment with Western Digital as Executive Vice President,  Operations, terminated, effective December 1, 2010.

Pursuant to the Separation Agreement, Mr. Finkbeiner has agreed to protect Western Digital’s confidential information and to comply with certain non−solicitation and cooperation provisions.

The Separation Agreement also provides for a customary mutual general release of claims, as well as certain other standard terms. Pursuant to the Separation Agreement and applicable law, Mr. Finkbeiner has up to 7 days to revoke the Separation Agreement. If Mr. Finkbeiner does not revoke the Separation Agreement and complies with his obligations thereunder, he will be entitled to the following separation benefits:

• a lump sum payment of $114,231, less standard withholding and authorized deductions, payable within 21 days of the Separation Date;
• for a period of 24 consecutive months following the Separation Date, Western Digital will pay Mr. Finkbeiner a salary continuation of $37,500 per month, less standard withholding and authorized deductions; provided, however, that such salary continuation payments shall cease in the event Mr. Finkbeiner becomes employed or otherwise provides services for compensation to any other person or entity;
• a lump sum payment of $159,898, less standard withholding and authorized deductions, which represents a pro−rata portion of
• Mr. Finkbeiner’s target bonus opportunity under Western Digital’s Incentive Compensation Plan for the six−month bonus cycle ending December 31, 2010, payable within 21 days of the Separation Date;
• Western Digital will make applicable COBRA premium payments to cover Mr. Finkbeiner’s company−provided medical, dental and/or vision coverage until the earlier of 18 months following the Separation Date or Mr. Finkbeiner’s becoming eligible for equivalent coverage under another employer’s plan(s);
• on the Separation Date, Mr. Finkbeiner’s outstanding stock options and restricted stock units will vest and become exercisable or payable, as applicable, as if Mr. Finkbeiner had remained employed through June 1, 2011, subject to the terms and conditions of the stock incentive plan and award agreements applicable to such awards; and
• Western Digital will pay for Mr. Finkbeiner to receive outplacement services for a period of up to 12 months following the
• Separation Date, subject to a maximum cost to Western Digital of $25,000.

Here is an abstract of WD’s SEC filing:

On December 1, 2010, Western Digital Corporation and Martin W.
Finkbeiner entered into a Separation and General Release Agreement
pursuant to which Mr. Finkbeiner’s employment with Western Digital as
Executive Vice President,  Operations, terminated, effective December 1,
2010.

Pursuant to the Separation Agreement, Mr. Finkbeiner has agreed to
protect Western Digital’s confidential information and to comply with
certain non−solicitation and cooperation provisions.

The Separation Agreement also provides for a customary mutual general
release of claims, as well as certain other standard terms. Pursuant to
the Separation Agreement and applicable law, Mr. Finkbeiner has up to 7
days to revoke the Separation Agreement. If Mr. Finkbeiner does not
revoke the Separation Agreement and complies with his obligations
thereunder, he will be entitled to the following separation benefits:

• a lump sum payment of $114,231, less standard withholding and authorized deductions, payable within 21 days of the Separation Date;
• for a period of 24 consecutive months following the Separation Date, Western Digital will pay Mr. Finkbeiner a salary continuation of $37,500 per month,
  less standard withholding and authorized deductions; provided, however,
  that such salary continuation payments shall cease in the event Mr.
  Finkbeiner becomes employed or otherwise provides services for
  compensation to any other person or entity;
• a lump sum payment of $159,898, less standard withholding and authorized deductions, which represents a pro−rata portion of
• Mr. Finkbeiner’s target bonus opportunity under Western Digital’s
  Incentive Compensation Plan for the six−month bonus cycle ending
  December 31, 2010, payable within 21 days of the Separation Date;
• Western Digital will make applicable COBRA premium payments to
  cover Mr. Finkbeiner’s company−provided medical, dental and/or vision
  coverage until the earlier of 18 months following the Separation Date or
  Mr. Finkbeiner’s becoming eligible for equivalent coverage under
  another employer’s plan(s);
• on the Separation Date, Mr. Finkbeiner’s outstanding stock options
  and restricted stock units will vest and become exercisable or payable,
  as applicable, as if Mr. Finkbeiner had remained employed through June
  1, 2011, subject to the terms and conditions of the stock incentive plan
  and award agreements applicable to such awards; and
• Western Digital will pay for Mr. Finkbeiner to receive outplacement services for a period of up to 12 months following the
• Separation Date, subject to a maximum cost to Western Digital of $25,000.