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This excerpt taken from the WDC DEF 14A filed Sep 24, 2007. Executive
Severance Plan
Our Board of Directors adopted an Executive Severance Plan on
February 16, 2006. Participants in the Executive Severance
Plan include members of our senior management who our Board of
Directors or Compensation Committee has designated as a
Tier 1 Executive, Tier 2 Executive or Tier 3
Executive. The Compensation Committee has designated each of
Mr. Coyne, Mr. Milligan, Mr. Leyden,
Mr. Bukaty and Dr. Moghadam as Tier 1 Executives
under our Executive Severance Plan. Mr. Massengill and
Mr. Shakeel are not eligible to participate in the
Executive Severance Plan.
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The Executive Severance Plan provides that a participant will
receive the following severance benefits in the event we
terminate the participant’s employment without cause (as
defined in the Executive Severance Plan):
(1) a lump severance payment minus applicable taxes equal
to the participant’s monthly base salary multiplied by the
number of months applicable to the executive, as follows:
Tier 1 Executive (24 months), Tier 2 Executive
(18 months), and Tier 3 Executive (12 months);
(2) a lump sum pro-rata bonus payment minus applicable
taxes under our bonus program for the bonus cycle in which the
participant’s termination date occurs (determined based on
the number of days in the applicable bonus cycle during which
the participant was employed (not to exceed six months) and
assuming 100% of the performance targets subject to the bonus
award are met regardless of actual funding by us);
(3) acceleration of the vesting of the participant’s
then outstanding stock options and restricted stock or stock
unit awards that are subject to time-based vesting to the extent
such stock options and restricted stock or stock unit awards
would have vested and become exercisable or payable, as
applicable, if the participant had remained employed for an
additional six months;
(4) outplacement services provided by a vendor chosen by us
and at our expense for 12 months following the
participant’s termination of employment; and
(5) payment by us of applicable COBRA premium payments
following expiration of the participant’s company-provided
medical, dental
and/or
vision coverage existing as of the participant’s
termination date for a specified period depending upon the
participant’s status as a Tier 1, Tier 2 or
Tier 3 Executive and until the participant otherwise
becomes eligible for equivalent coverage under another
employer’s plan, as follows: Tier 1 Executive
(18 months), Tier 2 Executive (12 months), and
Tier 3 Executive (12 months).
Payment of severance benefits under the Executive Severance Plan
is conditioned upon the participant’s execution of a valid
and effective release of claims. In addition, no participant is
entitled to a duplication of benefits under the Executive
Severance Plan or any other severance plan of ours or our
subsidiaries.
This excerpt taken from the WDC DEF 14A filed Dec 15, 2006. Executive
Severance Plan
On February 16, 2006, our Board of Directors adopted an
Executive Severance Plan. Participants in the Executive
Severance Plan include certain of our senior management who are
not otherwise currently party to a written employment agreement
(other than an agreement providing for at-will employment and
for no specified term) and who our Board of Directors or
Compensation Committee has designated as a Tier 1
Executive, Tier 2 Executive or Tier 3 Executive. The
Compensation Committee has designated each of Mr. Coyne,
Mr. Bukaty, Dr. Moghadam and Mr. Milligan as
Tier 1 Executives under the Executive Severance Plan.
Mr. Massengill and Mr. Shakeel are not eligible to
participate in the Executive Severance Plan.
The Executive Severance Plan provides that a participant will
receive the following severance benefits in the event of
termination of employment without cause (as defined in the
Executive Severance Plan):
(1) a lump sum severance payment equal to the
participant’s monthly base salary minus applicable taxes
over a number of months ranging from 12 months to
24 months depending upon the participant’s status as a
Tier 1, Tier 2 or Tier 3 Executive;
(2) a lump sum pro-rata bonus payment minus applicable
taxes under our bonus program for the bonus cycle in which the
participant’s termination date occurs (determined based on
the number of days in the applicable bonus cycle during which
the participant was employed (not to exceed six months) and
assuming we meet 100% of the performance target(s) subject to
the bonus award regardless of actual funding by us);
(3) acceleration of the vesting of the participant’s
then outstanding stock options and restricted stock or stock
unit awards that are subject to time-based vesting requirements
to the extent such stock options and restricted stock or stock
units awards would have vested and become exercisable or
payable, as applicable, if the participant had remained employed
for an additional six months;
(4) outplacement services provided by a vendor chosen by us
and at our expense for 12 months following the
participant’s termination of employment; and
(5) payment by us of applicable COBRA premium payments
following expiration of the participant’s company-provided
medical, dental
and/or
vision coverage existing as of the participant’s
termination date for a number of months ranging from
12 months to 24 months depending upon the
participant’s status as a Tier 1, Tier 2 or
Tier 3 Executive, unless and until the participant
otherwise becomes eligible for equivalent coverage under another
employer’s plan.
Payment of severance benefits under the Executive Severance Plan
is conditioned upon the participant’s execution of a valid
and effective release. In addition, no participant is entitled
to a duplication of benefits under the Executive Severance Plan
or any other severance plan of ours or our subsidiaries.
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This excerpt taken from the WDC 10-K filed Nov 20, 2006. Executive
Severance Plan
On February 16, 2006, our Board of Directors adopted an
Executive Severance Plan. Participants in the Executive
Severance Plan include certain of our senior management who are
not otherwise currently party to a written employment agreement
(other than an agreement providing for at-will employment and
for no specified term) and who our Board of Directors or
Compensation Committee has designated as a Tier 1
Executive, Tier 2 Executive or Tier 3 Executive. The
Compensation Committee has designated each of Mr. Coyne,
Mr. Bukaty, Dr. Moghadam and Mr. Milligan as
Tier 1 Executives under the Executive Severance Plan.
Mr. Massengill and Mr. Shakeel are not eligible to
participate in the Executive Severance Plan.
The Executive Severance Plan provides that a participant will
receive the following severance benefits in the event of
termination of employment without cause (as defined in the
Executive Severance Plan):
(1) a lump sum severance payment equal to the
participant’s monthly base salary minus applicable taxes
over a number of months ranging from 12 months to
24 months depending upon the participant’s status as a
Tier 1, Tier 2 or Tier 3 Executive;
(2) a lump sum pro-rata bonus payment minus applicable
taxes under our bonus program for the bonus cycle in which the
participant’s termination date occurs (determined based on
the number of days in the applicable bonus cycle during which
the participant was employed (not to exceed six months) and
assuming we meet 100% of the performance target(s) subject to
the bonus award regardless of actual funding by us);
(3) acceleration of the vesting of the participant’s
then outstanding stock options and restricted stock or stock
unit awards that are subject to time-based vesting requirements
to the extent such stock options and restricted stock
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or stock units awards would have vested and become exercisable
or payable, as applicable, if the participant had remained
employed for an additional six months;
(4) outplacement services provided by a vendor chosen by us
and at our expense for 12 months following the
participant’s termination of employment; and
(5) payment by us of applicable COBRA premium payments
following expiration of the participant’s company-provided
medical, dental
and/or
vision coverage existing as of the participant’s
termination date for a number of months ranging from
12 months to 24 months depending upon the
participant’s status as a Tier 1, Tier 2 or
Tier 3 Executive, unless and until the participant
otherwise becomes eligible for equivalent coverage under another
employer’s plan.
Payment of severance benefits under the Executive Severance Plan
is conditioned upon the participant’s execution of a valid
and effective release. In addition, no participant is entitled
to a duplication of benefits under the Executive Severance Plan
or any other severance plan of ours or our subsidiaries.
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