Linde plc (LIN, Financial) has announced the retirement of John Panikar, the company's Executive Vice President-APAC, effective March 31, 2025. This announcement was made in a recent Form 8-K filing with the Securities and Exchange Commission, detailing the terms of Mr. Panikar's departure and subsequent retirement agreement.
Mr. Panikar, who has served Linde for 33 years, will transition from his executive role as of November 1, 2024, and will continue to be employed in a non-executive capacity until his retirement date. During this period, he will maintain his current annual salary of $700,000 and continue to receive standard employee benefits. Additionally, he remains eligible for a potential variable compensation cash bonus for 2024, contingent upon the company's performance and his individual performance evaluation.
Upon his retirement, Mr. Panikar will receive severance benefits as outlined in the Retirement Agreement. These include a severance payment of $525,000, distributed in 18 semi-monthly installments, and an additional lump sum of $235,658. Furthermore, he will receive a severance benefit equivalent to his target variable cash compensation of $665,000, adjusted by the company's performance factor for 2025, payable by March 15, 2026.
Mr. Panikar and his eligible dependents will also have access to Linde Inc.-subsidized COBRA continuation of group health plan benefits until December 31, 2025, or until he is no longer eligible for COBRA coverage. As part of the agreement, Mr. Panikar reaffirmed his commitment to the company's Nondisclosure, Nonsolicitation, and Noncompetition Agreement, which includes confidentiality and non-solicitation clauses effective for two years post-retirement.
This transition marks a significant change in Linde's executive team, as the company continues to navigate its strategic goals and operational objectives.
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