Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On November 22, 2022, Mark J. Bulanda indicated that he will retire from his
current position as Executive President Automation Solutions of Emerson Electric
Co. (the "Company") effective as of December 31, 2022 ("Retirement Date"). In
connection with his retirement, on November 22, 2022, the Company and
Mr. Bulanda entered into a letter agreement dated November 16, 2022 and signed
November 22, 2022 (the "Letter Agreement").
Under the Letter Agreement, Mr. Bulanda will continue to receive his base salary
and certain other benefits through the Retirement Date and will receive salary
continuation payments following the Retirement Date at his current base salary
rate until the earlier of September 30, 2023 or the date on which he commences
other employment. Mr. Bulanda will not be eligible to receive a fiscal 2023
annual bonus. In accordance with the Company's 2011 Stock Option Plan, all of
Mr. Bulanda's outstanding options will remain exercisable through October 1,
2023, their original expiration date; as permitted under the Company's 2015
Incentive Shares Plan, Mr. Bulanda will remain eligible to receive a full payout
of any earned awards under the Fiscal 2021 - 2023 and Fiscal 2022 - 2024
Performance Shares Programs, subject in each case to the Company's achievement
of the applicable performance objectives, to be paid at the normal times
provided for under the programs; and as permitted under the Company's applicable
Incentive Shares Plan, Mr. Bulanda's restricted stock award granted on
October 1, 2013 will be eligible for full payment at the conclusion of its
restriction period ending on October 1, 2023 and his restricted stock award
granted on February 8, 2021 will be canceled.
Mr. Bulanda will be eligible to receive benefits earned under the Company's
qualified and non-qualified pension plans, pursuant to the terms and conditions
of and to be paid in the manner and at the times set forth in such plans. He
will also be eligible to receive distributions under the Company's qualified and
non-qualified 401(k) and profit-sharing retirement savings plans, as provided
under those plans.
Mr. Bulanda agrees, among other things: (i) not to compete with, or solicit or
hire the employees of, the Company or any of its subsidiaries during a period of
three years from the Retirement Date; (ii) not to use or disclose any
confidential information of the Company; (iii) to reaffirm all existing
non-compete, invention, non-disclosure and non-solicitation obligations he has
to the Company; and (iv) to comply with non-disparagement obligations.
Mr. Bulanda will also release and discharge the Company, its affiliates, and its
and their respective directors, officers, employees, agents and other parties
from any and all claims or liabilities of whatever nature and will remain
subject to the Company's clawback policy.
If Mr. Bulanda violates any of his obligations to the Company under the Letter
Agreement, he will forfeit all payments to be made or benefits provided under
the Letter Agreement and will repay to the Company, as liquidated damages,
one-half of the economic value of all benefits provided to him under the Letter
Agreement prior to the date of breach.
The above description of the Letter Agreement is qualified in its entirety by
reference to a copy of the Letter Agreement attached hereto as Exhibit 10.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description of Exhibits
10.1 Letter Agreement dated November 16, 2022 between Emerson Electric
Co. and Mark J. Bulanda, signed November 22, 2022.
104 Cover Page Interactive Data File - the cover page XBRL tags are
embedded within the Inline XBRL document.
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