-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IVTse9HGRAQW+PF1LSC6g1shU2kEZqn/6GP5A9OSxf1wU9KWQcQV1G/YQ4lv0O6C i7xUnVMIExe8vwtqsDxrrw== 0001275287-06-004429.txt : 20060815 0001275287-06-004429.hdr.sgml : 20060815 20060815080026 ACCESSION NUMBER: 0001275287-06-004429 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060811 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060815 DATE AS OF CHANGE: 20060815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VARIAN MEDICAL SYSTEMS INC CENTRAL INDEX KEY: 0000203527 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 942359345 STATE OF INCORPORATION: DE FISCAL YEAR END: 0905 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07598 FILM NUMBER: 061033070 BUSINESS ADDRESS: STREET 1: 3100 HANSEN WAY CITY: PALO ALTO STATE: CA ZIP: 94304-1000 BUSINESS PHONE: 6504934000 MAIL ADDRESS: STREET 1: 3050 HANSEN WAY STREET 2: MAIL STOP E 224 CITY: PALO ALTO STATE: CA ZIP: 94304-1000 FORMER COMPANY: FORMER CONFORMED NAME: VARIAN ASSOCIATES INC /DE/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VARIAN DELAWARE INC DATE OF NAME CHANGE: 19761123 8-K 1 vm6868.txt FORM 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) August 11, 2006 VARIAN MEDICAL SYSTEMS, INC. ------------------------------------------------------ (Exact Name of Registrant as Specified in its Charter) Delaware 1-7598 94-2359345 ---------------------------- ---------------- ------------------- (State or Other Jurisdiction (Commission File (IRS Employer of Incorporation) Number) Identification No.) 3100 Hansen Way, Palo Alto, CA 94304-1030 ---------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (650) 493-4000 Not Applicable ------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ Item 1.01. Entry into a Material Definitive Agreement. ------------------------------------------- As described in further detail in Item 5.02 below and in the press release attached hereto as Exhibit 99.1, on August 14, 2006, Varian Medical Systems, Inc. (the "Company") announced that Crisanto C. Raimundo will retire from his position as Corporate Vice President and Corporate Controller of the Company effective as of the close of business on August 25, 2006, and that the Board of Directors of the Company (the "Board") has appointed Tai-Yun Chen as the Company's new Corporate Vice President and Corporate Controller, effective as of August 26, 2006. In connection with Ms. Chen's new position, the Board approved an annual base salary of $240,000, and participation in the Company's Management Incentive Plan at a target participation rate of 50% of her annual salary, each effective as of August 26, 2006. In addition, effective August 26, 2006, Ms. Chen will be eligible to receive certain reimbursements from the Company and participate in the following compensatory arrangements: reimbursement for up to $1,500 for an annual physical examination; reimbursement for up to $6,500 (per year) out-of-pocket expenses incurred to obtain financial advice, estate planning advice, tax advice and/or tax return preparation and filing; and participation in the corporation's Executive Car Program, under which the Company would provide a leased vehicle costing up to $66,000. In connection with her appointment as Corporate Vice President and Corporate Controller, the Company and Ms. Chen will enter into the Company's standard indemnity agreement. Ms. Chen will also be eligible for a change in control agreement, in substantially the same form as existing agreements with the Company's other executive officers. Under the change in control agreement, Ms. Chen, if she is terminated other than for "cause" or resigns for "good reason" within 18 months after a change in control, would be entitled to a lump sum severance amount equal to two times the sum of her then-current annual base salary, plus the highest annual and multi-year bonuses paid to her in any of the three years ending before the termination date. In return, Ms. Chen would agree not to voluntarily leave the Company when the Company is faced with a transaction that might result in a change of control. Under the change in control agreement, unvested stock options would become immediately exercisable and restrictions on restricted stock would be released as of Ms. Chen's termination date. In addition, the Company would continue Ms. Chen's insurance and other benefits under the then-existing terms for up to 24 months (or, if earlier, the start of full-time employment). If any of the payments are subject to excise tax under the excess parachute provisions of the Internal Revenue Code, the Company would increase the payments so that Ms. Chen would be in the same after-tax economic position. Item 5.02. Departure of Directors or Principal Officers; Election of --------------------------------------------------------- Directors; Appointment of Principal Officers. --------------------------------------------- On August 14, 2006, the Company announced that Mr. Raimundo will retire from his position as Corporate Vice President and Corporate Controller effective as of the close of business on August 25, 2006. Mr. Raimundo will remain a non-executive employee of the Company for a transitional period. 2 On August 11, 2006, the Company's Board of Directors appointed Ms. Chen as the Company's new Corporate Vice President and Corporate Controller, effective August 26, 2006. Ms. Chen, 54, has been the Company's Operations Controller since February 2006. Prior to that, Ms. Chen was the Company's Assistant Corporate Controller from January 2002 to February 2006, and Director of Corporate Accounting from 2000 to January 2002. From 1983 to 2001, Ms. Chen served in various accounting manager positions throughout the Company. Ms. Chen's new compensation arrangements as Corporate Vice President and Corporate Controller is described under Item 1.01 above and incorporated by reference into this item. Item 9.01. Financial Statements and Exhibits. ---------------------------------- (d) Exhibits. 99.1 Press Release dated August 14, 2006 entitled "Varian Medical Systems Names Tai-Yun Chen Vice President and Corporate Controller." 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Varian Medical Systems, Inc. By: /s/ John W. Kuo ----------------------------- Name: John W. Kuo Title: Corporate Vice President, General Counsel and Secretary Dated: August 14, 2006 4 EXHIBIT INDEX Number Exhibit - -------- ---------------------------------------------------------------------- 99.1 Press Release dated August 14, 2006 entitled "Varian Medical Systems Names Tai-Yun Chen Vice President and Corporate Controller." 5 EX-99.1 2 vm6868ex991.txt EXHIBIT 99.1 Exhibit 99.1 FOR INFORMATION CONTACT: Spencer Sias, (650) 424-5782 spencer.sias@varian.com FOR IMMEDIATE RELEASE VARIAN MEDICAL SYSTEMS NAMES TAI-YUN CHEN VICE PRESIDENT AND CORPORATE CONTROLLER PALO ALTO, Calif. -- August 14, 2006 -- Varian Medical Systems (NYSE: VAR) today announced that its board of directors has appointed Tai-Yun Chen as vice president and corporate controller effective August 26, 2006. Chen, who is currently operations controller for the company, is replacing Cris Raimundo who is retiring from his position of vice president and corporate controller after 27 years of service with the company. Chen will report to Elisha Finney, senior vice president and CFO for the company. "Cris Raimundo has been a tremendous asset to Varian," said Tim Guertin, president and CEO of Varian Medical Systems. "His financial expertise as well as his knowledge of our business have made him an important part of our decision making process, whether it involved management of our operations or the formation of strategic growth initiatives." "Tai Chen has held key positions in corporate finance and in our Oncology Systems unit, and she has a thorough understanding of our businesses," Finney said. "She has been a valuable contributor to our executive management team for some time, and she is well prepared to step into the role of corporate controller." Chen, 54, joined Varian as a senior cost specialist in 1983. She served as an accounting manager for various businesses and the corporation before becoming assistant corporate controller in 2002 and then operations controller earlier this year. Chen graduated from National Chung Chi University in Taiwan in 1974 with a degree in Economics. She subsequently earned her masters degree in Managerial Economics from the University of California at Santa Barbara. Note to editors: A high resolution photograph is available. Please contact Meryl Ginsberg, 650-424-6444 or meryl.ginsberg@varian.com. # # # Varian Medical Systems, Inc., of Palo Alto, California is the world's leading manufacturer of medical technology for treating cancer with radiotherapy and neurological conditions with radiosurgery. The company is also a premier supplier of X-ray tubes and flat-panel digital subsystems for imaging in medical, scientific, and industrial applications. Varian Medical Systems employs approximately 3,600 people who are located at manufacturing sites in North America and Europe and in its 56 sales and support offices around the world. Additional information is available on the company's web site at http://www.varian.com -----END PRIVACY-ENHANCED MESSAGE-----