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NORTEK INC FILES (8-K) Disclosing Change in Directors or Principal Officers(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As previously announced on August 4, 2014, Sean P. Burke, Group President, Technology Solutions Group of Nortek, Inc. (the "Company"), will be leaving his position with the Company to pursue other interests, effective September 1, 2014 (the "Termination Date"). In connection with the foregoing, Mr. Burke entered into a severance and general release agreement (the "Separation Agreement") pursuant to which, among other things, Mr. Burke will receive a severance benefit equal to $515,000, the equivalent of one year's base salary, less applicable withholdings, payable in substantially equal monthly payments over the twelve-month period beginning after the Termination Date, as well as all unpaid compensation to which he is otherwise entitled through the Termination Date, including for any accrued, unused paid time off pay, if any. The foregoing description of the Separation Agreement is qualified by reference to the full text of the Separation Agreement, a copy of which will be filed with the Company's next Quarterly Report on Form 10-Q. -------------------------------------------------------------------------------- [ Back To TMCnet.com's Homepage ] |