<SEC-DOCUMENT>0001193125-14-017606.txt : 20140123
<SEC-HEADER>0001193125-14-017606.hdr.sgml : 20140123
<ACCEPTANCE-DATETIME>20140122190232
ACCESSION NUMBER:		0001193125-14-017606
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20140122
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20140123
DATE AS OF CHANGE:		20140122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TERADYNE, INC
		CENTRAL INDEX KEY:			0000097210
		STANDARD INDUSTRIAL CLASSIFICATION:	INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825]
		IRS NUMBER:				042272148
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06462
		FILM NUMBER:		14541275

	BUSINESS ADDRESS:	
		STREET 1:		600 RIVERPARK DRIVE
		CITY:			NORTH READING
		STATE:			MA
		ZIP:			01864
		BUSINESS PHONE:		978-370-2700

	MAIL ADDRESS:	
		STREET 1:		600 RIVERPARK DRIVE
		CITY:			NORTH READING
		STATE:			MA
		ZIP:			01864

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TERADYNE INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>d664429d8k.htm
<DESCRIPTION>FORM 8-K
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): January&nbsp;22, 2014 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>TERADYNE, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Massachusetts</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-06462</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>04-2272148</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>600 Riverpark Drive, North Reading, MA</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>01864</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code (978)&nbsp;370-2700 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former Name or Former Address, if Changed Since Last Report) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Retirement of Michael A. Bradley as Chief Executive Officer
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">As previously disclosed on the Current Report on Form 8-K filed November&nbsp;13, 2013, Michael A. Bradley is retiring as Chief
Executive Officer of Teradyne, Inc. (&#147;Teradyne&#148; or the &#147;Company&#148;) effective January&nbsp;31, 2014. Mr.&nbsp;Bradley will continue to serve on the Company&#146;s Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In connection with the retirement of Mr.&nbsp;Bradley, Teradyne entered into an agreement on January&nbsp;22, 2014 with Michael A. Bradley
(the &#147;Retirement Agreement&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Retirement Agreement supersedes the terms of the Amended and Restated Agreement Regarding
Termination Benefits between Mr.&nbsp;Bradley and the Company under which Mr.&nbsp;Bradley was entitled to severance compensation, continued benefits and continued vesting of equity for twenty-four months from the date of severance. Under the
Retirement Agreement, Mr.&nbsp;Bradley&#146;s unvested restricted stock units and stock options granted prior to his Retirement Date will continue to vest in accordance with their terms through January&nbsp;31, 2017; and any vested options or
options that vest during that period may be exercised for the remainder of the applicable option term. In the Retirement Agreement, Mr.&nbsp;Bradley agreed to be bound by non-competition and non-solicitation restrictions through January&nbsp;31,
2017 and to enter into an employment release that includes the release of rights under the Amended and Restated Agreement Regarding Termination Benefits. The Retirement Agreement also includes additional, standard terms and conditions relating to
Mr.&nbsp;Bradley&#146;s separation from the Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Appointment of Mark E. Jagiela as Chief Executive Officer </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-right:2%; text-indent:8%; font-size:10pt; font-family:Times New Roman">As previously disclosed on the Current Report on Form 8-K filed November&nbsp;13, 2013, the Company appointed
Mark&nbsp;E.&nbsp;Jagiela the Chief Executive Officer of the Company effective January&nbsp;31, 2014, replacing Michael A. Bradley. Mr.&nbsp;Jagiela also has been appointed to the Company&#146;s Board of Directors effective January&nbsp;31, 2014.
Mr.&nbsp;Jagiela, 53, has served as President of the Company since January 2013 and President of the Company&#146;s Semiconductor Test Division since 2003. Mr.&nbsp;Jagiela was appointed a Vice President of Teradyne in 2001. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the appointment of Mr.&nbsp;Jagiela as Chief Executive Officer, on January&nbsp;22, 2014, Teradyne entered into an
Agreement Regarding Termination Benefits (the &#147;Severance Agreement&#148;) with Mark E. Jagiela in connection with his appointment as Chief Executive Officer of the Company effective January&nbsp;31, 2014. The term of the Severance Agreement is
for a period of three (3)&nbsp;years beginning on the execution date and shall be extended for additional one (1)&nbsp;year periods unless terminated by Teradyne pursuant to the terms thereof. The Severance Agreement provides that if
Mr.&nbsp;Jagiela&#146;s employment is terminated by Teradyne for any reason other than death, disability, or cause, Mr.&nbsp;Jagiela shall receive beginning on the date his employment is terminated and continuing for a period of twenty-four
(24)&nbsp;months: (a)&nbsp;a monthly severance payment equal to 1/12<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> of his then current annual model compensation; (b)&nbsp;continued health, dental and vision insurance plan coverage; and
(c)&nbsp;Mr.&nbsp;Jagiela&#146;s unvested, non performance-based equity awards held as of the date of termination shall continue to vest as if his employment had not been terminated. In addition, for a period of three (3)&nbsp;years from
termination, Mr.&nbsp;Jagiela&#146;s performance-based equity grants shall continue to vest as if his employment had not been terminated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In consideration of the benefits provided to Mr.&nbsp;Jagiela under the Severance Agreement, Mr.&nbsp;Jagiela agreed, among other things,
that: (i)&nbsp;for a period of three (3)&nbsp;years following termination, he will not directly engage in any solicitation or hiring of employees or customers of Teradyne; (ii)&nbsp;for a period of three (3)&nbsp;years following termination, he will
not compete with Teradyne; and (iii)&nbsp;he will sign a release of any claims he has or may have against Teradyne. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;22, 2014, Teradyne also entered into an Executive Officer Change in Control
Agreement (&#147;Change in Control Agreement&#148;) with Mark E. Jagiela in connection with his appointment as Chief Executive Officer of the Company effective January&nbsp;31, 2014. The Change in Control Agreement modified Mr.&nbsp;Jagiela&#146;s
previously existing Executive Officer Change in Control Agreement by deleting the provision allowing for a gross up payment for any excise tax due on the executive&#146;s severance payment following a change in control. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3">TERADYNE, INC.</TD></TR>
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<TD VALIGN="top">Dated: January&nbsp;22, 2014</TD>
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<TD VALIGN="bottom">By:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gregory R. Beecher</P></TD></TR>
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<TD VALIGN="bottom">Name:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Gregory R. Beecher</P></TD></TR>
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<TD VALIGN="bottom">Title:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">V.P., Chief Financial Officer and Treasurer</P></TD></TR>
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