Exponent 8-K 2006
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 8, 2006
(Exact name of registrant as specified in its charter)
Registrants telephone number, including area code (650) 326-9400
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Item 1.01 Entry into a Material Definitive Agreement.
On May 9, 2006, Exponent, Inc. (the Company) signed an employment offer letter (the Offer Letter) with Dr. Elizabeth Anderson, pursuant to which Dr. Anderson agreed to serve as Group Vice President for the Companys Health Sciences and Food & Chemicals Practices, beginning on or about June 5, 2006. Pursuant to the Offer Letter, Dr. Anderson will receive an annual base salary of $425,000 and is eligible to participate in the Companys annual bonus program. For 2006, Dr. Anderson will receive a cash bonus of $250,000. Dr. Anderson will also receive a discretionary company contribution of $1,000,000 under the Companys deferred compensation plan. One-eighth of this contribution will vest on each three-month anniversary of Dr. Andersons date of hire, provided that she remains a full-time employee. The offer letter includes a five-year non-compete provision.
Dr. Anderson will also be eligible to participate in the Companys equity compensation program and standard benefits program, including medical and dental plans, vision care, life insurance and disability coverage, as well as the Companys 401(k) Retirement Savings Plan and the Employee Stock Purchase Plan.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
Date: June 8, 2006