Red Hat, Inc. (NYSE:RHT) 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 |
(e) Entry into Material Agreement with a
Named Executive Officer
As previously disclosed, Frank A. Calderoni resigned as an
employee and Executive Vice President, Operations and Chief
Financial Officer of Red Hat, Inc. (the Company), effective
January20, 2017.
Mr.Calderoni and the Company have entered into a letter agreement
dated January20, 2017 (the Agreement), to which Mr.Calderoni has
agreed to provide at the Companys request transition consulting
services. The term of the Agreement will expire on February28,
2017, unless the Agreement is terminated earlier by the Company
for (x)an unremedied breach of a material provision of the
Agreement, or (y)Mr.Calderonis failure to comply with the
repayment provision of the Bonus Agreement entered into between
the Company and Mr.Calderoni on June21, 2015.
As compensation for services to be provided under the Agreement,
Mr.Calderoni will receive payment at a rate of $20,000 per month,
payable on or about February10, 2017, plus the reimbursement of
travel expenses he incurs in providing such services under the
Agreement. In addition, Mr.Calderonis outstanding equity awards
will continue to vest in accordance with their respective
original terms for the duration of the term of the Agreement. The
Agreement also extends from twelve months to twenty-four months
the period during which Mr.Calderoni is bound by his covenant not
to solicit Company personnel.
The foregoing description of the terms of the Agreement does not
purport to be complete and is qualified in its entirety by the
provisions of the Agreement filed as Exhibit 99.1 to this Current
Report on Form 8-K.
| Item9.01. | Financial Statements and Exhibits. |
(d) Exhibits
See Exhibit Index attached hereto.
About Red Hat, Inc. (NYSE:RHT)
Red Hat, Inc. (Red Hat) provides open source software solutions, using a community-powered approach to develop and offer operating system, virtualization, management, middleware, cloud, mobile and storage technologies. Red Hat operates through three geographical segments: the Americas, including the United States, Canada and Latin America; EMEA, including Europe, Middle East and Africa, and Asia Pacific. Its products and services include infrastructure-related offerings, application development-related and other technology offerings, and consulting, support and training services. Its infrastructure-related offerings include Red Hat Enterprise Linux, Red Hat Satellite and Red Hat Enterprise Virtualization. Its application development-related and other technology offerings include Red Hat JBoss Middleware, Red Hat cloud offerings, Red Hat Mobile and Red Hat Storage. Its consulting services include upgrade planning, platform migrations, solution integration and application development. Red Hat, Inc. (NYSE:RHT) Recent Trading Information
Red Hat, Inc. (NYSE:RHT) closed its last trading session up +1.00 at 76.43 with 2,016,650 shares trading hands.