SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 27, 2015
(Exact name of registrant as specified in its charter)
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Delaware | 000-29617 | 59-3590018 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
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1001 Murphy Ranch Road |
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Milpitas, California |
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(Address of principal executive offices) |
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Registrant’s telephone number, including area code: 408-432-8888 | ||||
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Not applicable | ||||
(Former name or former address, if changed since last report.) | ||||
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Termination of Employment of Named Executive Officer
On January 26, 2015, Intersil Corporation (the "Company") entered into a separation agreement (the “Agreement”) with Gerry Edwards, Senior Vice President of Worldwide Operations and Technology and one of the Company’s named executive officers in fiscal year 2014. Pursuant to the terms of the Agreement. Mr. Edwards’ will provide transition services to the Company as requested until April 3, 2015 at which time his employment with the Company will terminate.
(e) Separation Agreement and Release
Under the terms of the Agreement, Mr. Edwards will receive severance benefits including (i) a lump sum severance payment of $303,625, (ii) continued vesting of stock options and stock units granted prior to his termination through April 2, 2015, and (iii) payments for a portion of medical, dental and vision insurance premiums through April 3, 2016. The Agreement provides that Mr. Edwards’ severance benefits are contingent on his execution of a release of claims. The Agreement includes post-termination non-solicitation and non-disparagement provisions as well as a perpetual confidentiality covenant. The foregoing description of the terms and conditions of the Agreement is only a summary and is qualified in its entirety by the full text of such agreement, a copy of which is filed herewith and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits |
The following document is attached as an exhibit to this Current Report on Form 8-K:
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Exhibit Number
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Description
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10.1 |
| Separation Agreement and General Release dated January 26, 2015 between Intersil Corporation and Gerry Edwards. |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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| INTERSIL CORPORATION |
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Date: | January 27, 2015 |
| By: | /s/ Thomas C. Tokos |
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| Name: | Thomas C. Tokos |
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| Title: | Sr. Vice President, General Counsel and Secretary |