Steven Sinofsky is all set to retire from Microsoft. The details about the “retirement agreement” were revealed in a Securities and Exchange Commission filing published June 3. Sinofsky will be freed from his noncompete clause as of December 31, 2013 after that he can work for any organization/company which is competitor to Microsoft.
Steven Sinofsky was the former Windows president, he resigned from position on November 12, 2012. He abruptly left the company and is currently teaching at Harvard Business School.
Microsoft will release Sinofsky from the “claims arising from acts or omissions relating to his employment at Microsoft pursuant to the Company’s Articles of Incorporation.”
These were the Official Statements made during SEC filing procedure:
Given Steven’s 23 years of strong service at Microsoft, which included leading teams that produced six versions of Office and two versions of Windows, the company will continue to provide him with the economic value of the stock awards he earned during his employment, similar to the retirement benefits we provide employees who work at least 15 years and retire at 55 or older. This agreement provides a number of important considerations for Microsoft, including a commitment that Steven will continue assisting with intellectual property litigation until January 1, 2017.
As the filing says, Sinofsky also “agreed to a release of claims against Microsoft and its related parties.” In return, Microsoft will be paying Sinofsky the value of his outstanding unvested stock awards granted prior to Microsoft’s fiscal year 2013 (which ended June 30), plus 50 percent of the shares of stock awarded to him during fiscal 2013 estimated to be worth $14 million a total of 418,361 shares. Payments are expected to be made in timeframe till August 2016.