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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>___________</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

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    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Date of report (Date of earliest event reported) </TD>
    <TD STYLE="width: 45%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">August 10, 2012</TD></TR>
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    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; text-align: center; font-size: 10pt; text-transform: uppercase; font-weight: bold">VARIAN MEDICAL SYSTEMS, INC.</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Exact Name of Registrant as Specified in its Charter)</TD></TR>
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    <TD STYLE="width: 31%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 37%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">1-7598</TD>
    <TD STYLE="width: 32%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">94-2359345</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State or Other Jurisdiction <BR> of Incorporation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission File <BR> Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(IRS Employer<BR> &nbsp;Identification No.)</TD></TR>
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    <TD STYLE="width: 82%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">3100 Hansen Way, Palo Alto, CA</TD>
    <TD STYLE="width: 18%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">94304-1030</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(Address of Principal Executive Offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Zip Code)</TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt">Registrant&rsquo;s telephone number, including area code</TD>
    <TD STYLE="width: 43%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">(650) 493-4000</TD></TR>
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    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Not Applicable</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Former Name or Former Address, if Changed Since Last Report)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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):</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; color: black">&uml;</FONT>
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; color: black">&uml;</FONT>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; color: black">&uml;</FONT>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; color: black">&uml;</FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">Item 5.02.&#9;Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><U>Retirement of President and
Chief Executive Officer; Appointment of Vice Chairman; Compensatory Arrangements of Named Executive Officer</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 10, 2012, Timothy E. Guertin,
President, Chief Executive Officer and a director of Varian Medical Systems, Inc. (the &ldquo;Company&rdquo;) announced that he
intends to retire as President and Chief Executive Officer at the end of the Company&rsquo;s fiscal year on September&nbsp;28,&nbsp;2012.
As discussed below, on August 10, 2012, the Company&rsquo;s Board of Directors (the &ldquo;Board&rdquo;) elected Dow R. Wilson
to replace Mr. Guertin and appointed Mr. Guertin as its Vice Chairman, both effective as of September 29, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Guertin will continue as a non-executive
employee of the Company until his retirement in February 2013. In his new role as a non-executive employee of the Company (and
in addition to his responsibilities as Vice Chairman of the Board), Mr. Guertin will provide on-going advice and counsel to the
management of the Company on strategic business and technological matters, will continue to have involvement with industry and
investor groups and key customers, and will provide transitional support. The Board approved the following compensation arrangement
for Mr. Guertin in his role as a non-executive employee of the Company, to be effective as of September 29, 2012 and continuing
through his retirement date:</P>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Base salary at a rate of $952,711 per annum;</TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Participation in the Company&rsquo;s Management Incentive Plan (&ldquo;MIP&rdquo;) at a &ldquo;target&rdquo; participation
level of 115% of annual salary in fiscal year 2013, with any payout based on fiscal year 2013 results and to be prorated up to
Mr. Guertin&rsquo;s retirement date;</TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Participation in the Company&rsquo;s Employee Incentive Plan (&ldquo;EIP&rdquo;), with any payout based on fiscal year 2013
results and to be prorated up to Mr. Guertin&rsquo;s retirement date;</TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Participation in the Company&rsquo;s nonqualified deferred compensation plan, which allows participants to defer a portion
of their compensation and allows the Company to make discretionary supplemental retirement contributions (&ldquo;Company Supplemental
Contributions&rdquo;) beyond what the Company can contribute to participants&rsquo; 401(k) retirement accounts due to Internal
Revenue Code limitations;</TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Eligibility for the following perquisites: (a) reimbursement for up to $4,000 for required, qualified annual medical examinations
in January and February 2013 (plus up to $4,000 not to date reimbursed in calendar year 2012); (b)&nbsp;reimbursement for financial
planning advice, estate planning advice, tax planning advice and/or tax return preparation (no dollar limit); and (c) benefits
equivalent to those offered under the Company&rsquo;s Executive Car Program (subject to a vehicle purchase price limit of $82,000
and including the option to purchase the vehicle following his retirement);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Provision of leased offsite office space at a fair market value not to exceed $7,000 per month; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Provision of a part-time administrator.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Guertin will also be eligible to participate
in compensation and benefit programs generally available to all other U.S. employees, such as the Company&rsquo;s employee stock
purchase plan, 401(k) retirement plan and medical, dental, supplemental life and disability insurance programs, subject to his
election and contributions towards those benefit programs. Mr. Guertin will not be eligible for the grant of equity awards in his
capacity as an employee in fiscal year 2013, nor after September 28, 2012 will he be eligible to receive the benefit of the change-in-control
agreement previously entered into between him and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After Mr. Guertin retires, he will receive
the same compensation as the Company&rsquo;s other non-employee directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><U>Appointment of President and Chief Executive
Officer</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 10, 2012, the Board elected Dow
R. Wilson, 53, as its President and Chief Executive Officer, effective September 29, 2012. Mr. Wilson has served as the Company&rsquo;s
Executive Vice President and Chief Operating Officer since October 2011. Mr.&nbsp;Wilson served as Corporate Executive Vice President
and President, Oncology Systems from August 2005 through September 2011. Mr.&nbsp;Wilson served as Corporate Vice President and
President, Oncology Systems from January 2005 to August 2005.&nbsp; There is no family relationship between Mr. Wilson and any
director or executive officer and, outside of his employment arrangements, he is not a party to any current or proposed transaction
with the Company for which disclosure is required under Item 404(a) of Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Starting September 29, 2012, Mr. Wilson
will receive an annual base salary of $900,000 and will participate in the Company&rsquo;s MIP in fiscal year 2013 at a target
level of 113% of base salary. He will remain eligible for the same perquisites to which he is currently entitled (although at modified
levels) as described in the Company&rsquo;s Proxy Statement for its 2012 Annual Meeting &ndash; participation in the Company&rsquo;s
Executive Car Program (subject to a vehicle purchase price limit of $82,000), reimbursement for financial planning services (no
dollar limit) and reimbursement for annual medical examinations (up to $4,000 per calendar year). It is expected that Mr. Wilson
will receive equity-based awards under the Company&rsquo;s Third Amended and Restated 2005 Omnibus Stock Plan in connection with
his promotion, the amounts and nature of which have not yet been finally determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Wilson will be eligible to participate
in the Company&rsquo;s nonqualified deferred compensation plan, including being eligible to receive Company Supplemental Contributions.
Mr. Wilson will also be eligible to participate in compensation and benefit programs generally available to all other U.S. employees,
such as the Company&rsquo;s employee stock purchase plan, EIP, 401(k) retirement plan and medical, dental, supplemental life and
disability insurance programs, subject to his election and contributions towards those benefit programs. However, Mr. Wilson will
not be eligible to participate in the Company&rsquo;s EIP commencing in fiscal year&nbsp;2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with his promotion, the Company
will enter into a new change-in-control agreement with Mr. Wilson in its standard form applicable to the CEO position, effective
as of September 29, 2012. Under this agreement, if Mr. Wilson is terminated other than for death, &ldquo;disability,&rdquo; &ldquo;retirement,&rdquo;
or &ldquo;cause&rdquo; or if he resigns due to &ldquo;good reason&rdquo; (as each of those terms are defined in the agreement)
within 18 months after a change in control (as defined in the agreement), he would be entitled to receive a lump sum severance
amount equal to three times the sum of his then-current annual base salary, plus the greater of (a) his most recently established
target annual bonus, or (b) the average annual bonus that was paid to him in the three fiscal years ending before the termination
date. The termination payments and benefits under the agreement may also be triggered under certain circumstances prior to a change
in control, as determined under the agreement. &ldquo;Cause&rdquo; includes, generally, willful failure to perform one&rsquo;s
duties, fraud and certain wrongful acts, felony convictions and court or regulatory orders requiring termination. &ldquo;Good reason&rdquo;
includes, generally, a material change in duties or material reduction in authority or responsibility, a reduction in total compensation
except when an equivalent reduction occurs for the entire class of other similar executives, a material change in employee benefits,
relocation and certain breaches of the agreement by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, under the agreement, if he
is terminated under the circumstances described above, his then unvested stock options, restricted stock and restricted stock units
(&ldquo;RSUs&rdquo;) would fully vest as of the termination date. As for performance units, Mr. Wilson would be eligible for the
full target award (<I>i.e.</I>, the performance conditions of the performance award will no longer apply), but he would wait until
vesting (<I>i.e.</I>, at the end of the three-year performance period from the original grant date) to get delivery of the shares.
While the RSUs would fully vest as of Mr. Wilson&rsquo;s termination date, he would also have to wait until the original vesting
date to get delivery of the shares. In addition, the Company would continue certain insurance and other benefits under the then-existing
terms for up to 24 months (or, if earlier, the start of full-time employment with a new employer), pay him a lump sum pro-rata
bonus at target for the applicable performance period(s) in which the termination occurs, and provide him an election to purchase
the automobile leased under the Executive Car Program, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The agreement also provides for certain
death and long-term disability benefits in the event of his death or disability within 18 months after a change in control. Payments
and benefits may be delayed six months following separation from service in order to avoid onerous taxation under Section 409A
of the Internal Revenue Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The agreement also provides that actual
change-in-control payments will be reduced to $1&nbsp;below the threshold imposed under Section 280G (<I>i.e.</I>, thereby not
triggering excise tax) if the change-in-control payments after the imposition of the excise tax would otherwise result in a lesser
amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><U>Appointment of Principal Accounting
Officer</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 17, 2012, the Company announced that
Tai-yun Chen intended to retire from her position as Senior Vice President, Finance and Corporate Controller effective as of August&nbsp;10,&nbsp;2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 10, 2012, the Board elected Mr.
Clarence Verhoef as the Company&rsquo;s new Senior Vice President, Finance and Corporate Controller (Principal Accounting Officer),
effective August 11, 2012. Mr. Verhoef, 56, has been the Company&rsquo;s Vice President and Operations Controller since May 2012.
Prior to that, Mr. Verhoef was the Controller for the Company&rsquo;s X-ray Products business from September 2006 to May 2012.
There is no family relationship between Mr. Verhoef and any director or executive officer and, outside of his employment arrangements,
he is not a party to any current or proposed transaction with the Company for which disclosure is required under Item 404(a) of
Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Starting August 11, 2012, Mr. Verhoef will
receive an annual base salary of $290,000 and will participate in the Company&rsquo;s MIP in fiscal year 2013 at a target level
of 53% of base salary. Mr. Verhoef&rsquo;s participation in the Company&rsquo;s MIP for the remainder of fiscal year 2012 remains
at a target level of 30% of base salary. He will receive a one-time bonus of $15,000 in November 2012 for his services as the Company&rsquo;s
Vice President and Operations Controller. <FONT STYLE="color: black">In addition, Mr. Verhoef will be eligible to participate in
the following compensatory arrangements: reimbursement for annual physical examinations (up to $4,000 per calendar year); reimbursement
for up to $6,500 per calendar year for 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&rsquo;s Executive Car Program, under which
the Company would provide a leased vehicle costing up to $68,000. </FONT>It is expected that Mr. Verhoef will receive equity-based
awards under the Company&rsquo;s Third Amended and Restated 2005 Omnibus Stock Plan in connection with his promotion, the amounts
and nature of which have not yet been finally determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Verhoef will be eligible to participate
in the Company&rsquo;s nonqualified deferred compensation plan, including being eligible to receive Company Supplemental Contributions.
Mr. Verhoef will also be eligible to participate in compensation and benefit programs generally available to all other U.S. employees,
such as the Company&rsquo;s employee stock purchase plan, EIP, 401(k) retirement plan and medical, dental, supplemental life and
disability insurance programs, subject to his election and contributions towards those benefit programs. However, Mr. Verhoef will
not be eligible to participate in the Company&rsquo;s EIP commencing in fiscal year&nbsp;2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: black">In connection
with his appointment as Senior </FONT>Vice President, Finance and Corporate Controller, the Company and Mr. Verhoef entered into
the Company&rsquo;s standard indemnity agreement. The Company and Mr. Verhoef also entered into a change-in-control agreement in
its standard form applicable to key employees. <FONT STYLE="color: black">Under this agreement, </FONT>if Mr. Verhoef is terminated
other than for death, &ldquo;disability,&rdquo; &ldquo;retirement,&rdquo; or &ldquo;cause&rdquo; or if he resigns due to &ldquo;good
reason&rdquo; (as each of those terms are defined in the agreement) within 18 months after a change in control (as defined in the
agreement), he would be entitled to receive a lump sum severance amount equal to two times the sum of his then-current annual base
salary, plus the greater of (a) his most recently established target annual bonus, or (b) the average annual bonus that was paid
to him in the three fiscal years ending before the termination date. The termination payments and benefits under the agreement
may also be triggered under certain circumstances prior to a change in control, as determined under the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, under the agreement, if he
is terminated under the circumstances described above, his then unvested stock options, restricted stock and RSUs would fully vest
as of the termination date. As for performance units, if any, Mr. Verhoef would be eligible for the full target award (<I>i.e.</I>,
the performance conditions of the performance award will no longer apply), but he would wait until vesting (<I>i.e.</I>, at the
end of the three-year performance period from the original grant date) to get delivery of the shares. While the RSUs would fully
vest as of Mr. Verhoef&rsquo;s termination date, he would also have to wait until the original vesting date to get delivery of
the shares. In addition, the Company would continue certain insurance and other benefits under the then-existing terms for up to
24 months (or, if earlier, the start of full-time employment with a new employer), pay him a lump sum pro-rata bonus at target
for the applicable performance period(s) in which the termination occurs, and provide him an election to purchase the automobile
leased under the Executive Car Program, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The agreement also provides for certain
death and long-term disability benefits in the event of his death or disability within 18 months after a change in control. Payments
and benefits may be delayed six months following separation from service in order to avoid onerous taxation under Section 409A
of the Internal Revenue Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The agreement also provides that actual
change-in-control payments will be reduced to $1&nbsp;below the threshold imposed under Section 280G (<I>i.e.</I>, thereby not
triggering excise tax) if the change-in-control payments after the imposition of the excise tax would otherwise result in a lesser
amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><U>Election of Directors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 10, 2012, the Company&rsquo;s
Board increased the number of directors constituting the Board from nine to ten and appointed Erich R. Reinhardt, Ph.D., to fill
the vacancy so created. Mr. Reinhardt will serve for a term expiring at the Company&rsquo;s 2013 Annual Meeting of Stockholders,
whereupon he will be eligible for nomination for re-election. It was not immediately determined on which committees of the Board
Mr. Reinhardt would serve. Mr. Reinhardt is not a party to any current or proposed transaction with the Company for which disclosure
is required under Item 404(a) of Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In accordance with the Company&rsquo;s current
program for compensation of non-employee directors Mr. Reinhardt will receive a prorated portion of the annual cash retainer of
$45,000 and $2,000 for each Board meeting attended ($1,000 if the Board meeting was an in-person meeting and the director attended
by telephone or video conference). <I> </I>Additionally, pursuant to the Company&rsquo;s Third Amended and Restated 2005 Omnibus
Stock Plan, if he continues as a director, Mr. Reinhardt will receive a full annual retainer, as well as a grant of a non-qualified
option for 5,000 shares of the Company&rsquo;s common stock with an exercise price equal to the fair value (<I>i.e.,</I> the closing
price) on the date of grant and a grant of deferred stock units having a fair market value of $100,000 on the date of grant, as
of the date after the Company&rsquo;s 2013 Annual Meeting of Stockholders. Mr. Reinhardt would receive similar awards at subsequent
annual meetings, subject to continued service on the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 10, 2012, the Company&rsquo;s Board increased the number of directors by one more to eleven,
effective September 29, 2012, and appointed Dow R. Wilson, the Company&rsquo;s current Executive Vice President and Chief Executive
Officer, to fill the vacancy so created. Mr. Wilson will serve for a term expiring at the Company&rsquo;s 2014 Annual Meeting of
Stockholders, whereupon he will be eligible for nomination for re-election. As an employee of the Company, it is not expected that
Mr. Wilson will serve on any committees of the Board, nor will he receive any compensation for his service on the Board.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has issued a press release regarding
Mr. Guertin&rsquo;s appointment as Vice Chairman of the Board, Mr. Wilson&rsquo;s appointment to the Board and Mr. Wilson&rsquo;s
election as President and Chief Executive Officer of the Company. A copy of the press release is attached as Exhibit 99.1 and incorporated
herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has issued a press release regarding
Mr. Reinhardt&rsquo;s appointment to the Board, a copy of which is attached as Exhibit 99.2 and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0.8in; text-indent: -0.8in">Item 8.01.&#9;Other
Events</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0.8in; text-indent: -0.8in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 10, 2012, the Company&rsquo;s
Board authorized the repurchase of an additional 8,000,000 shares of the Company&rsquo;s common stock from September 29, 2012
through December 31, 2013. Stock repurchases may be made in the open market, in privately negotiated transactions <FONT STYLE="font: 10pt Times New Roman, Times, Serif">including
accelerated share repurchase programs, or in Rule 10b5-1 share repurchase plans, and may be made from time to time or in one or
more larger blocks. Repurchases are expected to be made in accordance with Rule 10b-18 and may include plans designed to satisfy
the Rule 10b5-1 safe harbor. Shares will be retired upon repurchase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 13, 2012, the Company issued a
press release entitled &ldquo;Varian Medical Systems Board of Directors Authorizes Repurchase of Additional 8 Million Shares of
Stock through Calendar Year 2013.&rdquo; A copy of the press release is attached as Exhibit 99.3 and incorporated by reference
into this item.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0.8in; text-indent: -0.8in">Item 9.01.&#9;Financial
Statements and Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0.8in; text-indent: -0.8in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0; padding-left: 0; text-indent: 0">(c)</TD>
    <TD STYLE="width: 10%; padding-right: 0; padding-left: 0; text-indent: 0"><U>Exhibits</U>.</TD>
    <TD STYLE="width: 80%; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">99.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Press Release dated August 13, 2012 entitled &ldquo;Varian Medical Systems&rsquo; CEO Timothy E. Guertin Announces Plans to Retire; Board of Directors Names Dow R. Wilson as Successor.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">99.2</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Press Release dated August 13, 2012 entitled &ldquo;Erich R. Reinhardt Appointed to Board of Directors of Varian Medical Systems.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">99.3</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Press Release dated August 13, 2012 entitled &ldquo;Varian Medical Systems Board of Directors Authorizes Repurchase of Additional 8 Million Shares of Stock through Calendar Year 2013.&rdquo;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40.5pt 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40.5pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">Varian Medical Systems, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">By:</TD>
    <TD STYLE="width: 45%; border-bottom: windowtext 1pt solid; padding: 0; text-indent: 0">/s/ JOHN W. KUO</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Name:</TD>
    <TD STYLE="padding: 0; text-indent: 0">John W. Kuo</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Title:</TD>
    <TD STYLE="padding: 0; text-indent: 0">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: August 13, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">Number</TD>
    <TD STYLE="width: 81%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Exhibit</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">99.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">Press Release dated August 13, 2012 entitled &ldquo;Varian Medical Systems&rsquo; CEO Timothy E. Guertin Announces Plans to Retire; Board of Directors Names Dow R. Wilson as Successor.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">99.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">Press Release dated August 13, 2012 entitled &ldquo;Erich R. Reinhardt Appointed to Board of Directors of Varian Medical Systems.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">99.3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Press Release dated August 13, 2012 entitled &ldquo;Varian Medical Systems Board of Directors Authorizes Repurchase of Additional 8 Million Shares of Stock through Calendar Year 2013.&rdquo;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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{"company-data": {"conformed-name": "VARIAN MEDICAL SYSTEMS INC", "cik": "0000203527", "assigned-sic": "3845", "irs-number": "942359345", "state-of-incorporation": "DE", "fiscal-year-end": "1001"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-07598", "film-number": "121026112"}, "business-address": {"street1": "3100 HANSEN WAY", "city": "PALO ALTO", "state": "CA", "zip": "94304-1000", "phone": "650-424-5834"}, "mail-address": {"street1": "3100 HANSEN WAY", "city": "PALO ALTO", "state": "CA", "zip": "94304-1000"}, "former-company": [{"former-conformed-name": "VARIAN ASSOCIATES INC /DE/", "date-changed": "19920703"}, {"former-conformed-name": "VARIAN DELAWARE INC", "date-changed": "19761123"}]}
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 10, 2012
VARIAN MEDICAL SYSTEMS, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware
1-7598
94-2359345
(State or Other Jurisdiction
of Incorporation)
(Commission File
Number)
(IRS Employer
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 5.02.	Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Retirement of President and
Chief Executive Officer; Appointment of Vice Chairman; Compensatory Arrangements of Named Executive Officer
On August 10, 2012, Timothy E. Guertin,
President, Chief Executive Officer and a director of Varian Medical Systems, Inc. (the "Company") announced that he
intends to retire as President and Chief Executive Officer at the end of the Company's fiscal year on September 28, 2012.
As discussed below, on August 10, 2012, the Company's Board of Directors (the "Board") elected Dow R. Wilson
to replace Mr. Guertin and appointed Mr. Guertin as its Vice Chairman, both effective as of September 29, 2012.
Mr. Guertin will continue as a non-executive
employee of the Company until his retirement in February 2013. In his new role as a non-executive employee of the Company (and
in addition to his responsibilities as Vice Chairman of the Board), Mr. Guertin will provide on-going advice and counsel to the
management of the Company on strategic business and technological matters, will continue to have involvement with industry and
investor groups and key customers, and will provide transitional support. The Board approved the following compensation arrangement
for Mr. Guertin in his role as a non-executive employee of the Company, to be effective as of September 29, 2012 and continuing
through his retirement date:
·
Base salary at a rate of $952,711 per annum;
·
Participation in the Company's Management Incentive Plan ("MIP") at a "target" participation
level of 115% of annual salary in fiscal year 2013, with any payout based on fiscal year 2013 results and to be prorated up to
Mr. Guertin's retirement date;
·
Participation in the Company's Employee Incentive Plan ("EIP"), with any payout based on fiscal year 2013
results and to be prorated up to Mr. Guertin's retirement date;
·
Participation in the Company's nonqualified deferred compensation plan, which allows participants to defer a portion
of their compensation and allows the Company to make discretionary supplemental retirement contributions ("Company Supplemental
Contributions") beyond what the Company can contribute to participants' 401(k) retirement accounts due to Internal
Revenue Code limitations;
·
Eligibility for the following perquisites: (a) reimbursement for up to $4,000 for required, qualified annual medical examinations
in January and February 2013 (plus up to $4,000 not to date reimbursed in calendar year 2012); (b) reimbursement for financial
planning advice, estate planning advice, tax planning advice and/or tax return preparation (no dollar limit); and (c) benefits
equivalent to those offered under the Company's Executive Car Program (subject to a vehicle purchase price limit of $82,000
and including the option to purchase the vehicle following his retirement);
·
Provision of leased offsite office space at a fair market value not to exceed $7,000 per month; and
·
Provision of a part-time administrator.
1
Mr. Guertin will also be eligible to participate
in compensation and benefit programs generally available to all other U.S. employees, such as the Company's employee stock
purchase plan, 401(k) retirement plan and medical, dental, supplemental life and disability insurance programs, subject to his
election and contributions towards those benefit programs. Mr. Guertin will not be eligible for the grant of equity awards in his
capacity as an employee in fiscal year 2013, nor after September 28, 2012 will he be eligible to receive the benefit of the change-in-control
agreement previously entered into between him and the Company.
After Mr. Guertin retires, he will receive
the same compensation as the Company's other non-employee directors.
Appointment of President and Chief Executive
Officer
On August 10, 2012, the Board elected Dow
R. Wilson, 53, as its President and Chief Executive Officer, effective September 29, 2012. Mr. Wilson has served as the Company's
Executive Vice President and Chief Operating Officer since October 2011. Mr. Wilson served as Corporate Executive Vice President
and President, Oncology Systems from August 2005 through September 2011. Mr. Wilson served as Corporate Vice President and
President, Oncology Systems from January 2005 to August 2005.  There is no family relationship between Mr. Wilson and any
director or executive officer and, outside of his employment arrangements, he is not a party to any current or proposed transaction
with the Company for which disclosure is required under Item 404(a) of Regulation S-K.
Starting September 29, 2012, Mr. Wilson
will receive an annual base salary of $900,000 and will participate in the Company's MIP in fiscal year 2013 at a target
level of 113% of base salary. He will remain eligible for the same perquisites to which he is currently entitled (although at modified
levels) as described in the Company's Proxy Statement for its 2012 Annual Meeting – participation in the Company's
Executive Car Program (subject to a vehicle purchase price limit of $82,000), reimbursement for financial planning services (no
dollar limit) and reimbursement for annual medical examinations (up to $4,000 per calendar year). It is expected that Mr. Wilson
will receive equity-based awards under the Company's Third Amended and Restated 2005 Omnibus Stock Plan in connection with
his promotion, the amounts and nature of which have not yet been finally determined.
Mr. Wilson will be eligible to participate
in the Company's nonqualified deferred compensation plan, including being eligible to receive Company Supplemental Contributions.
Mr. Wilson will also be eligible to participate in compensation and benefit programs generally available to all other U.S. employees,
such as the Company's employee stock purchase plan, EIP, 401(k) retirement plan and medical, dental, supplemental life and
disability insurance programs, subject to his election and contributions towards those benefit programs. However, Mr. Wilson will
not be eligible to participate in the Company's EIP commencing in fiscal year 2013.
2
In connection with his promotion, the Company
will enter into a new change-in-control agreement with Mr. Wilson in its standard form applicable to the CEO position, effective
as of September 29, 2012. Under this agreement, if Mr. Wilson is terminated other than for death, "disability," "retirement,"
or "cause" or if he resigns due to "good reason" (as each of those terms are defined in the agreement)
within 18 months after a change in control (as defined in the agreement), he would be entitled to receive a lump sum severance
amount equal to three times the sum of his then-current annual base salary, plus the greater of (a) his most recently established
target annual bonus, or (b) the average annual bonus that was paid to him in the three fiscal years ending before the termination
date. The termination payments and benefits under the agreement may also be triggered under certain circumstances prior to a change
in control, as determined under the agreement. "Cause" includes, generally, willful failure to perform one's
duties, fraud and certain wrongful acts, felony convictions and court or regulatory orders requiring termination. "Good reason"
includes, generally, a material change in duties or material reduction in authority or responsibility, a reduction in total compensation
except when an equivalent reduction occurs for the entire class of other similar executives, a material change in employee benefits,
relocation and certain breaches of the agreement by the Company.
In addition, under the agreement, if he
is terminated under the circumstances described above, his then unvested stock options, restricted stock and restricted stock units
("RSUs") would fully vest as of the termination date. As for performance units, Mr. Wilson would be eligible for the
full target award (
i.e.
, the performance conditions of the performance award will no longer apply), but he would wait until
vesting (
i.e.
, at the end of the three-year performance period from the original grant date) to get delivery of the shares.
While the RSUs would fully vest as of Mr. Wilson's termination date, he would also have to wait until the original vesting
date to get delivery of the shares. In addition, the Company would continue certain insurance and other benefits under the then-existing
terms for up to 24 months (or, if earlier, the start of full-time employment with a new employer), pay him a lump sum pro-rata
bonus at target for the applicable performance period(s) in which the termination occurs, and provide him an election to purchase
the automobile leased under the Executive Car Program, if any.
The agreement also provides for certain
death and long-term disability benefits in the event of his death or disability within 18 months after a change in control. Payments
and benefits may be delayed six months following separation from service in order to avoid onerous taxation under Section 409A
of the Internal Revenue Code.
The agreement also provides that actual
change-in-control payments will be reduced to $1 below the threshold imposed under Section 280G (
i.e.
, thereby not
triggering excise tax) if the change-in-control payments after the imposition of the excise tax would otherwise result in a lesser
amount.
Appointment of Principal Accounting
Officer
On May 17, 2012, the Company announced that
Tai-yun Chen intended to retire from her position as Senior Vice President, Finance and Corporate Controller effective as of August 10, 2012.
On August 10, 2012, the Board elected Mr.
Clarence Verhoef as the Company's new Senior Vice President, Finance and Corporate Controller (Principal Accounting Officer),
effective August 11, 2012. Mr. Verhoef, 56, has been the Company's Vice President and Operations Controller since May 2012.
Prior to that, Mr. Verhoef was the Controller for the Company's X-ray Products business from September 2006 to May 2012.
There is no family relationship between Mr. Verhoef and any director or executive officer and, outside of his employment arrangements,
he is not a party to any current or proposed transaction with the Company for which disclosure is required under Item 404(a) of
Regulation S-K.
3
Starting August 11, 2012, Mr. Verhoef will
receive an annual base salary of $290,000 and will participate in the Company's MIP in fiscal year 2013 at a target level
of 53% of base salary. Mr. Verhoef's participation in the Company's MIP for the remainder of fiscal year 2012 remains
at a target level of 30% of base salary. He will receive a one-time bonus of $15,000 in November 2012 for his services as the Company's
Vice President and Operations Controller.
In addition, Mr. Verhoef will be eligible to participate in
the following compensatory arrangements: reimbursement for annual physical examinations (up to $4,000 per calendar year); reimbursement
for up to $6,500 per calendar year for 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 $68,000.
It is expected that Mr. Verhoef will receive equity-based
awards under the Company's Third Amended and Restated 2005 Omnibus Stock Plan in connection with his promotion, the amounts
and nature of which have not yet been finally determined.
Mr. Verhoef will be eligible to participate
in the Company's nonqualified deferred compensation plan, including being eligible to receive Company Supplemental Contributions.
Mr. Verhoef will also be eligible to participate in compensation and benefit programs generally available to all other U.S. employees,
such as the Company's employee stock purchase plan, EIP, 401(k) retirement plan and medical, dental, supplemental life and
disability insurance programs, subject to his election and contributions towards those benefit programs. However, Mr. Verhoef will
not be eligible to participate in the Company's EIP commencing in fiscal year 2013.
In connection
with his appointment as Senior
Vice President, Finance and Corporate Controller, the Company and Mr. Verhoef entered into
the Company's standard indemnity agreement. The Company and Mr. Verhoef also entered into a change-in-control agreement in
its standard form applicable to key employees.
Under this agreement,
if Mr. Verhoef is terminated
other than for death, "disability," "retirement," or "cause" or if he resigns due to "good
reason" (as each of those terms are defined in the agreement) within 18 months after a change in control (as defined in the
agreement), he would be entitled to receive a lump sum severance amount equal to two times the sum of his then-current annual base
salary, plus the greater of (a) his most recently established target annual bonus, or (b) the average annual bonus that was paid
to him in the three fiscal years ending before the termination date. The termination payments and benefits under the agreement
may also be triggered under certain circumstances prior to a change in control, as determined under the agreement.
In addition, under the agreement, if he
is terminated under the circumstances described above, his then unvested stock options, restricted stock and RSUs would fully vest
as of the termination date. As for performance units, if any, Mr. Verhoef would be eligible for the full target award (
i.e.
,
the performance conditions of the performance award will no longer apply), but he would wait until vesting (
i.e.
, at the
end of the three-year performance period from the original grant date) to get delivery of the shares. While the RSUs would fully
vest as of Mr. Verhoef's termination date, he would also have to wait until the original vesting date to get delivery of
the shares. In addition, the Company would continue certain insurance and other benefits under the then-existing terms for up to
24 months (or, if earlier, the start of full-time employment with a new employer), pay him a lump sum pro-rata bonus at target
for the applicable performance period(s) in which the termination occurs, and provide him an election to purchase the automobile
leased under the Executive Car Program, if any.
4
The agreement also provides for certain
death and long-term disability benefits in the event of his death or disability within 18 months after a change in control. Payments
and benefits may be delayed six months following separation from service in order to avoid onerous taxation under Section 409A
of the Internal Revenue Code.
The agreement also provides that actual
change-in-control payments will be reduced to $1 below the threshold imposed under Section 280G (
i.e.
, thereby not
triggering excise tax) if the change-in-control payments after the imposition of the excise tax would otherwise result in a lesser
amount.
Election of Directors
On August 10, 2012, the Company's
Board increased the number of directors constituting the Board from nine to ten and appointed Erich R. Reinhardt, Ph.D., to fill
the vacancy so created. Mr. Reinhardt will serve for a term expiring at the Company's 2013 Annual Meeting of Stockholders,
whereupon he will be eligible for nomination for re-election. It was not immediately determined on which committees of the Board
Mr. Reinhardt would serve. Mr. Reinhardt is not a party to any current or proposed transaction with the Company for which disclosure
is required under Item 404(a) of Regulation S-K.
In accordance with the Company's current
program for compensation of non-employee directors Mr. Reinhardt will receive a prorated portion of the annual cash retainer of
$45,000 and $2,000 for each Board meeting attended ($1,000 if the Board meeting was an in-person meeting and the director attended
by telephone or video conference).
Additionally, pursuant to the Company's Third Amended and Restated 2005 Omnibus
Stock Plan, if he continues as a director, Mr. Reinhardt will receive a full annual retainer, as well as a grant of a non-qualified
option for 5,000 shares of the Company's common stock with an exercise price equal to the fair value (
i.e.,
the closing
price) on the date of grant and a grant of deferred stock units having a fair market value of $100,000 on the date of grant, as
of the date after the Company's 2013 Annual Meeting of Stockholders. Mr. Reinhardt would receive similar awards at subsequent
annual meetings, subject to continued service on the Board.
On August 10, 2012, the Company's Board increased the number of directors by one more to eleven,
effective September 29, 2012, and appointed Dow R. Wilson, the Company's current Executive Vice President and Chief Executive
Officer, to fill the vacancy so created. Mr. Wilson will serve for a term expiring at the Company's 2014 Annual Meeting of
Stockholders, whereupon he will be eligible for nomination for re-election. As an employee of the Company, it is not expected that
Mr. Wilson will serve on any committees of the Board, nor will he receive any compensation for his service on the Board.
5
The Company has issued a press release regarding
Mr. Guertin's appointment as Vice Chairman of the Board, Mr. Wilson's appointment to the Board and Mr. Wilson's
election as President and Chief Executive Officer of the Company. A copy of the press release is attached as Exhibit 99.1 and incorporated
herein by reference.
The Company has issued a press release regarding
Mr. Reinhardt's appointment to the Board, a copy of which is attached as Exhibit 99.2 and incorporated herein by reference.
Item 8.01.	Other
Events
On August 10, 2012, the Company's
Board authorized the repurchase of an additional 8,000,000 shares of the Company's common stock from September 29, 2012
through December 31, 2013. Stock repurchases may be made in the open market, in privately negotiated transactions
including
accelerated share repurchase programs, or in Rule 10b5-1 share repurchase plans, and may be made from time to time or in one or
more larger blocks. Repurchases are expected to be made in accordance with Rule 10b-18 and may include plans designed to satisfy
the Rule 10b5-1 safe harbor. Shares will be retired upon repurchase.
On August 13, 2012, the Company issued a
press release entitled "Varian Medical Systems Board of Directors Authorizes Repurchase of Additional 8 Million Shares of
Stock through Calendar Year 2013." A copy of the press release is attached as Exhibit 99.3 and incorporated by reference
into this item.
Item 9.01.	Financial
Statements and Exhibits.
(c)
Exhibits
.
99.1
Press Release dated August 13, 2012 entitled "Varian Medical Systems' CEO Timothy E. Guertin Announces Plans to Retire; Board of Directors Names Dow R. Wilson as Successor."
99.2
Press Release dated August 13, 2012 entitled "Erich R. Reinhardt Appointed to Board of Directors of Varian Medical Systems."
99.3
Press Release dated August 13, 2012 entitled "Varian Medical Systems Board of Directors Authorizes Repurchase of Additional 8 Million Shares of Stock through Calendar Year 2013."
6
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:
Senior Vice President, General Counsel and Corporate Secretary
Dated: August 13, 2012
7
EXHIBIT INDEX
Number
Exhibit
99.1
Press Release dated August 13, 2012 entitled "Varian Medical Systems' CEO Timothy E. Guertin Announces Plans to Retire; Board of Directors Names Dow R. Wilson as Successor."
99.2
Press Release dated August 13, 2012 entitled "Erich R. Reinhardt Appointed to Board of Directors of Varian Medical Systems."
99.3
Press Release dated August 13, 2012 entitled "Varian Medical Systems Board of Directors Authorizes Repurchase of Additional 8 Million Shares of Stock through Calendar Year 2013."
8