NetApp, Inc. (NASDAQ:NTAP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On November15, 2016, the board of directors (the
Board) of NetApp, Inc. (the
Company) approved an amended and restated
Executive Retiree Health Plan (also known as the Executive
Medical Retirement Plan) (the Plan). The Plan,
which previously provided group health insurance benefits to
certain of the Companys retired executives, was amended and
restated effective as of January1, 2017 to terminate the group
health insurance policy covering retired executives and, instead,
use a health reimbursement account to reimburse eligible retired
executives for premiums paid for individual insurance covering
the retiree and any eligible dependents for the period from
January1, 2017 through December31, 2019. On or after December31,
2019 but ending on December31, 2021, participants in the Plan
will be eligible to receive a lump sum cash payment equal to two
years of projected health care costs, or a prorated portion
thereof, to the methodology set forth in the Plan.
Current participants in the Plan include certain retired
executives of the Company, including but not limited to, Jeffry
R. Allen, a current member of the Board and former Chief
Financial Officer, Thomas Georgens, former Chief Executive
Officer, and Robert E. Salmon, former Executive Vice President
and President and Head of Go-to-Market Operations. In addition,
if they retire prior to 2019 or 2021, as applicable, George
Kurian, Chief Executive Officer and member of the Board, and Joel
Reich, Executive Vice President of Product Operations, will be
eligible to receive benefits under the Plan as well as a lump sum
payment, or pro-rated portion thereof.
The Plan terminates in its entirety on December31, 2019 and the
Companys obligation for cash payments terminates on December31,
2021.
The foregoing is qualified in its entirety by reference to the
full text of the Plan, a copy of which is attached as Exhibit
10.1 and is incorporated herein by reference.
| Item9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
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ExhibitNo. |
Description |
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| 10.1 |
NetApp, Inc. Executive Retiree Health Plan, as amended and restated |
About NetApp, Inc. (NASDAQ:NTAP)
NetApp, Inc. (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models. Its data management and storage offerings help manage business productivity, performance and profitability, while providing investment protection and asset utilization. The Company’s FlexPod portfolio includes FlexPod Datacenter for core enterprise data centers and service providers, FlexPod Express for medium-sized businesses and branch offices, and FlexPod Select for data-intensive workloads. The portfolio is validated with hypervisors, operating systems, systems management tools and cloud management platforms. NetApp, Inc. (NASDAQ:NTAP) Recent Trading Information
NetApp, Inc. (NASDAQ:NTAP) closed its last trading session up +0.12 at 37.12 with 4,559,347 shares trading hands.
