PLANTRONICS, INC. (NYSE:PLT) 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 18, 2017, Plantronics, Inc. ("Company") filed a Current Report on Form 8-K with the Securities and Exchange Commission disclosing the cessation of employment of Donald Houston effective July 17, 2017. Effective August 14, 2017, Plantronics entered into the Agreement with Mr. Houston, who was a named executive officer in the Company's most recent proxy statement.
In exchange for a general release of claims against the Company, the Company agreed to provide Mr. Houston severance compensation consistent with our previously effective Voluntary Retirement Program which includes the following lump-sum gross amounts less applicable withholdings:
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One year base salary – $412,000; |
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Pro rata bonus – $78,198; |
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An amount equal to 12 months of COBRA premiums – $38,595.54; and |
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An amount equal to 12 months of Company 401K match – $12,360. |
About PLANTRONICS, INC. (NYSE:PLT)
Plantronics, Inc. (Plantronics) is engaged in the design, manufacture, and distribution of headsets for business and consumer applications, and other specialty products for the hearing impaired. The Company is a global designer, manufacturer and marketer of communications headsets, telephone headset systems, other communication endpoints and accessories for the business and consumer markets. The Company develops communication products for offices and contact centers, mobile devices, cordless phones, and computers and gaming consoles. Its product categories include Enterprise, which includes corded and cordless communication headsets, audio processors, and telephone systems, and Consumer, which includes Bluetooth and corded products for mobile device applications, personal computer (PC) and gaming headsets, and specialty products marketed for hearing impaired individuals. It offers its products under two brands: Plantronics and Clarity.