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Departure of Jim Murphy EVP Sales and Marketing, Western Digital

Lump sum payment of $1.4 million

murphy wdOn June 28, 2016, Western Digital Corporation announced the departure of James J. Murphy, EVP, effective as of March 25, 2017, unless such departure occurs earlier upon thirty days’ written notice by Murphy.

 

 

He will continue in a special advisory role with the company through the separation date.

In connection with his departure, he entered into a separation and general release agreement. He has agreed to comply with certain non-solicitation and cooperation provisions. The separation agreement also provides for a customary general release of claims, as well as certain other standard terms and a mutual non-disparagement covenant. Pursuant to the separation agreement and applicable law, he has up to seven days to revoke the separation agreement. If he does not revoke the separation agreement and complies with his obligations thereunder, he will be entitled to the following benefits:

  • a lump sum payment of $1,250,000, less standard withholding and authorized deductions, which represents a payment equal to twenty-four months of his current base salary, payable during the fifteen day period commencing on the thirtieth day following his separation date;
  • a lump sum payment of $160,543, less standard withholding and authorized deductions, which represents his prorated target bonus opportunity under the company’s Short-Term Incentive Plan (STI) for the six-month bonus cycle ending June 30, 2017, assuming 100% of the performance targets have been achieved regardless of actual funding by the company and assuming a separation date of March 25, 2017, payable during the fifteen day period commencing on the thirtieth day following his separation date; provided, that if the separation date occurs earlier than March 25, 2017, proration will be determined based on hos bonus opportunity under the STI for the bonus cycle in which the separation date occurs, assuming 100% of the performance targets are met regardless of actual funding by the company, prorated based on the number of days from the beginning of the bonus cycle through the separation date;
  • a lump sum payment of $28,643, less standard withholding and authorized deductions, which represents an amount equivalent to his COBRA premiums for eighteen months following the separation date, regardless of whether he elects COBRA, payable during the fifteen day period commencing on the thirtieth day following his separation date;
  • Murphy’s then-outstanding unvested stock options and restricted stock units will vest and become exercisable or payable, as applicable, as if he had remained employed through the six-month anniversary of the separation date, subject to the terms and conditions of the stock incentive plan and award agreements applicable to such awards;
  • Murphy’s then-outstanding unvested performance stock units granted on August 4, 2015 will vest and become payable at the target number of units pursuant to the terms and conditions of his award agreement applicable to such award; and
  • a maximum of twelve months of outplacement services (with an estimated maximum value of $14,900) will be made available through a vendor approved by the company in its sole discretion.

Background of Murphy at Western Digital

  • EVP sales and marketing, September 2012 – Present
  • SVP global sales, September 2006 – September 2012
  • VP sales Far East, August 2003 – September 2006
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