Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.<br /><br />On November 7, 2013, the company announced certain officer changes that will be effective January 3, 2014. Mr. William Donnelly will be promoted from Chief Financial Officer to the position of Executive Vice President, and will continue to be responsible for Finance, Investor Relations, Supply Chain, Information Technology and the company's Blue Ocean initiative. Mr. Shawn Vadala will be promoted from Group Controller and Global Head of Finance & Control to the position of Chief Financial Officer, reporting to Mr. Donnelly. Mr. Donnelly will serve as the company's principal financial officer, and Mr. Vadala will serve as the company's principal accounting officer.<br />Messrs. Donnelly and Vadala both joined the company in 1997, with Mr. Donnelly joining as Chief Financial Officer and Mr. Vadala assuming the role of Group Controller in 1998.<br /><br />There are no arrangements or understandings between Mr. Donnelly or Mr. Vadala and any other persons pursuant to which they were selected to serve in their new positions. There are no transactions in which Mr. Donnelly or Mr. Vadala has an interest requiring disclosure pursuant to Item 404(a) of Regulation S-K.<br /><br /><br />Mr. Donnelly and Mr. Vadala will continue to be party to employment agreements with the company, which provide for a base salary, subject to adjustment, and participation in our cash incentive plan and other employee benefit plans. The agreements prohibit the executives from competing with the company for a period of 12 months after termination of employment. The agreements may be terminated without cause by either party on 12 months' notice (six months for Mr. Vadala), during which period the executives are entitled to full compensation under the agreements, including payment of base salary, target cash incentive, and continuation of benefits.