Business Context and Reporting Period
This Form 8-K Current Report was filed by E. I. du Pont de Nemours and Company (EIDP, Inc.) on September 23, 2009. The report addresses the departure of a senior executive and the terms of a subsequent consulting arrangement.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data disclosed relates to executive compensation:
- Consulting Retainer: $200,000 annual retainer.
- Per Diem Payment: $2,000 per day for active involvement in litigation support and business projects.
- Agreement Term: Three years, effective upon retirement.
Material Changes
The primary material change reported is the retirement of Richard R. Goodmanson as Executive Vice President & Chief Operating Officer, effective September 30, 2009. This event was previously disclosed in Forms 8-K filed on August 13, 2009, and October 6, 2008. The current filing details the specific terms of the post-retirement consulting agreement.
Outlook, Risks, and Unusual Items
The filing contains no forward-looking guidance, market outlook, or discussion of general business risks. The consulting agreement includes standard restrictive covenants, including non-competition, non-solicitation, and confidentiality provisions. The agreement is designed to ensure Mr. Goodmanson's continued participation in ongoing litigation and business matters.
Investor Verification Checklist
- Verify the effective date of Richard R. Goodmanson's retirement (September 30, 2009).
- Review the attached Exhibit 99.1 for the full text of the consulting agreement.
- Confirm the total potential cost of the agreement based on the $200,000 retainer and estimated per diem usage over the three-year term.
- Check prior 8-K filings (August 13, 2009, and October 6, 2008) for the initial announcement of the retirement and committee approval.