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)
March 25, 2005
MENTOR CORPORATION
(Exact name of
registrant as specified in its charter)
Minnesota |
|
0-7955 |
|
41-0950791 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer |
201 Mentor Drive
Santa Barbara, California 93111
(Address of
principal executive offices, including zip code)
(805) 879-6000
(Registrant's
telephone number, including area code)
Not Applicable
(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 provisions:
[ ] 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 1.01 Entry into a Material Definitive Agreement
On March 25, 2005, the Employment Agreement dated July 27, 2004 between Bobby Purkait, Senior Vice President, Science and Technology, and Mentor Corporation (the "Company") was terminated. In connection with such termination, the Company and Mr. Purkait entered into a Release Agreement, which provides the following:
Payment of remaining
base salary in accordance with the Employment Agreement through
May 31, 2005, pro-rated based on Mr. Purkait's annual
base salary of $278,460;
Severance pay in amount equal to 22 months' base salary;
Continued vesting
until May 31, 2005, in accordance with the Employment
Agreement, of the
unvested and unexpired stock options that were scheduled to
vest prior to that date, which are
held by Mr. Purkait pursuant to stock option
agreements with the Company;
Payment in the
amount of $90,000 representing cash incentive bonus for the remaining target
milestones as contemplated in the Employment Agreement; and
Continued employment
benefits, in accordance with the Employment Agreement, until
May 31, 2005, including vehicle allowance,
vacation accruals, and health, dental and vision benefits
coverage, as well as the
reimbursement of premiums for such health, dental and vision benefits
coverage
for a period up to three months after May 31, 2005.
Mr. Purkait's Severance Agreement and Release also contains customary confidentiality, release of claims, non-disparagement, non-solicitation, and indemnification provisions.
The Company entered into a Release Agreement with Bobby Purkait, which provided for the termination of his Employment Agreement with the Company as of March 25, 2005. See "Item 1.01 Entry into a Material Definitive Agreement".
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.
Mentor
Corporation
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Date: March 29, 2005 |
By: |
/s/ Joshua H. Levine |
|
Joshua H. Levine |
Date: March 29, 2005 |
By: |
/s/ Loren L. McFarland |
|
Loren L. McFarland |