25-Aug-2016
Change in Directors or Principal Officers, Financial Statements and Exhibi
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 19, 2016, upon the recommendation of the Compensation Committee, the Board of Directors ("Board") of Computer Sciences Corporation ("Company") approved an extension of the term of employment under the Employment Agreement between the Company and J. Michael Lawrie, the Company's Chairman, President and Chief Executive Officer ("CEO"), dated February 7, 2012 and amended on August 25, 2016 (the "CEO Employment Agreement").
The term of employment under the CEO Employment Agreement was scheduled to end on March 31, 2017, unless the parties mutually agreed to an annual extension not less than 6 months prior to the end of the Company's 2017 fiscal year. As extended by the Board, the term of employment under the CEO Employment Agreement will now end on the earlier of (i) March 31, 2018, or (ii) the date of termination of the CEO's employment in accordance with the CEO Employment Agreement, unless annually extended again by mutual agreement of the parties not later than September 30, 2017.
All other terms of the CEO Employment Agreement that were in effect prior to the Board's approval of the extension remain in effect.
The foregoing summary of the material terms of the amendment to the CEO Employment Agreement is qualified by reference to the full text of the August 25, 2016 amendment which is included as Exhibit 10.1 hereto and incorporated by reference herein and to the terms of the CEO Employment Agreement.