form8-k.htm
UNITED
STATES
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): February 21, 2010
PLANTRONICS,
INC.
(Exact
name of registrant as specified in its charter)
Delaware
(State
or other jurisdiction
of
incorporation)
|
1-12696
(Commission
File No.)
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77-0207692
(I.R.S.
Employer
Identification
Number
|
345
Encinal Street
Santa
Cruz, California 95060
(Address
of Principal Executive Offices, including Zip Code)
(831)
426-5858
(Registrant’s
Telephone Number, including Area Code)
N/A
(Former
Name or Former Address, if Changed Since Last Report)
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
provision:
¨ 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))
SECTION
1 – REGISTRANT’S BUSINESS AND OPERATIONS
Item 1.01
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Entry
into a Material Definitve Agreement
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On
February 21, 2010, Plantronics, Inc. (the “Company”) entered into a Separation
Agreement and Release (the “Agreement”) with Ms. Vicki Marion (“Marion”). Marion
was formerly the President of Altec Lansing, a division of the Company
(“Altec Lansing”). The Company sold Altec Lansing on or about December 1, 2009
and by mutual agreement of the parties, Marion resigned from her position
with the Company on such date (the "Separation Date") to continue as
President of Altec Lansing, LLC. Under the Agreement, (i) the Company
will pay Marion the sum of $7,500 less applicable tax withholdings; (ii)
certain bonuses in accordance with the Company’s Executive Incentive Program and
the Vicki Marion “Turn Around” Incentive Plan may be paid to Marion if such
bonuses are earned under the respective bonus programs in accordance with the
bonus programs criteria, with such determination as to payment to be made by the
Company no later than June 15, 2010; (iii) all of Marion’s unvested options
to purchase Company stock that were not vested as of the Separation Date were
accelerated and such options became fully vested as of December 1, 2009 but will
not be exercisable by Marion until March 1, 2010; and (iv) 15,000 shares of
restricted stock shall have vested and the Company’s repurchase option under its
Restricted Stock Purchase Agreements relating to such shares
shall terminate as of March 1, 2010. The parties agreed to standard
and customary provisions relating to release and waiver of claims,
confidentiality, non-disparagement and tax consequences.
A copy of
the Agreement, dated February 21, 2010, is attached hereto as Exhibit
10.1.
SECTION
9 – FINANCIAL STATEMENTS AND EXHIBITS
Item
9.01 Financial Statements and Exhibits
Number
|
Description
of Document
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10.1
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Separation
Agreement and Release, dated February 21, 2010, between the Company and
Vicki Marion
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SIGNATURES
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.
Date:
February 25, 2010
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PLANTRONICS,
INC.
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|
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By:
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/s/
Barbara Scherer
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Name:
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Barbara
Scherer
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Title:
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Senior
Vice President and Chief Financial Officer (Principal Financial
and Accounting Officer)
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EXHIBIT
INDEX
Exhibit
Index
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Description
of Document
|
10.1
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