Science Applications International Corp. said Friday it has agreed to pay Walter P. Havenstein, the company’s outgoing chief executive, a
lump sum of about $920,000 when he retires next week.
The amount is equal to one month short of his annual $1 million base pay, according to filings with the Securities and Exchange Commission. Additionally, he will receive his normal base salary and benefits through his retirement date of Jan. 31, 2013 and will be entitled to a cash incentive award for both the most recently ended fiscal year and the one that will end in January of next year, which the company said will be prorated. Both awards will be based on performance criteria, SAIC said in an SEC document filed Friday.
The remaining unvested portion of stock awards and stock option awards given to Havenstein when he started the job in 2009 will vest on his retirement date, the company added.
In return, Havenstein has agreed to a provision that prevents him from working for a competitor company in the United States and reaffirms his confidentiality agreement.
SAIC announced this week that John P. Jumper, a former Air Force chief of staff and an SAIC board member, would become its next chief executive.