MOLX » Topics » Retirement Arrangement with a Former Executive Officer

This excerpt taken from the MOLX DEF 14A filed Sep 23, 2005.

Retirement Arrangement with a Former Executive Officer

W. W. Fichtner, Corporate Vice President and Regional President of Europe, retired from Molex as of the end of the fiscal year ended June 30, 2005. As a result of Fichtner’s retirement, all of his stock options and bonus awards became fully vested pursuant to the terms of the plans under which the shares were granted or awarded. In addition, W. W. Fichtner and Molex have entered into a post-retirement arrangement in the form of a Consultancy Agreement having a three-year term that provides, among other things, for payments to the consulting firm with which Mr. Fichtner will be affiliated of € 214,260 (approximately $258,000 based on recent exchange rates) for each of the first two years and of €107,130 (approximately $129,000 based on recent exchange rates) the last year. The agreement includes obligations of consulting services, confidentiality and a covenant not to compete against Molex in Europe for a period ending one year after the termination or expiration of the Consultancy Agreement. After June 30, 2006, Mr. Fichtner can elect to terminate the Consultancy Agreement at any time by providing advance written notice to Molex. Either party may terminate the Consultancy Agreement at any time under certain other circumstances. Molex will pay for Mr. Fichtner’s leased automobile for two years (estimated annual cost of $32,850 based on current exchange rates), the premiums on two personal life insurance policies for two years (two-year cost of $29,560) and the premiums on an annuity contract for three years (estimated annual cost of $12,381 based on current exchange rates). The Consultancy Agreement was filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on June 7, 2005.

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