CATERPILLAR INC. (NYSE:CAT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 31, 2017, Bradley M. Halverson provided notice of his decision to retire as Group President and Chief Financial Officer of Caterpillar Inc. (the "Company"), effective March 2, 2018.
In connection with Mr. Halverson’s retirement, the Company has entered into a Retention and Retirement Agreement with Mr. Halverson (the “Agreement”), dated July 31, 2017. to the terms of the Agreement:
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Mr. Halverson will receive a cash payment of $2,612,250 payable as soon as practicable after his retirement. |
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Mr. Halverson’s outstanding equity awards will be treated in accordance with their terms, except that the performance-based restricted stock award granted to Mr. Halverson in 2017 will not be prorated. |
The Agreement also contains various covenants, including restrictive covenants relating to non-competition, non-solicitation, non-disparagement, confidentiality and cooperation.
The foregoing summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which is filed as Exhibit 10.1 and is incorporated herein by reference.
The Company issued a press release in connection with Mr. Halverson’s retirement, which press release is filed herewith as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibit:
10.1Retention and Retirement Agreement, dated July 31, 2017.
99.1Press Release, dated August 1, 2017.
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CATERPILLAR INC ExhibitEX-10.1 2 halverson_retirement.htm EXHIBIT 10.1 Exhibit Exhibit 10.1RETENTION AND RETIREMENT AGREEMENTTHIS AGREEMENT,…To view the full exhibit click |
