Agreement Regarding Equity Awards for Kevin Tarrant Upon Retirement
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Retirement Agreements
Summary
This agreement involves Kevin Tarrant, the former Chief Human Resources Officer, and the Compensation, Nominating and Governance Committee of the company's Board of Directors. Upon Mr. Tarrant's retirement on February 1, 2013, the Committee allowed his previously granted equity incentive awards to continue vesting on their original schedule. Additionally, Mr. Tarrant is permitted to exercise any vested stock options for up to 36 months after retirement, instead of the standard 12 months. Without this agreement, unvested awards would have been forfeited and the exercise period shortened.
EX-10.1 2 wbc_exhibit101x3312013.htm KEVIN TARRANT RETIREMENT WBC_Exhibit 10.1_3.31.2013
Exhibit 10.1
Description of Agreement with Kevin Tarrant Relating to Equity Awards
In connection with the February 1, 2013 retirement of Mr. Kevin Tarrant, former Chief Human Resources Officer, the Compensation, Nominating and Governance Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company resolved, at a meeting held on February 4, 2013 that the equity incentive awards received by Mr. Tarrant under the Omnibus Incentive Plan (the “Plan”) prior to his retirement may continue to vest according to their original vesting schedule and any vested stock options held by Mr. Tarrant can be exercised up to 36 months after his retirement date. Absent such action, under the terms of the Plan, Mr. Tarrant’s unvested equity incentive awards would have been cancelled or forfeited, and he would have been required to exercise his vested stock options within twelve months of his retirement date.
