Kraton Corporation (NYSE:KRA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 9.01
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e)
On September 12, 2017, upon the recommendation of its Compensation Committee, the Board of Directors of Kraton Corporation (the “Company”) approved an amendment and restatement to the Kraton Corporation Executive Severance Program (the “Severance Program”), under which the Company’s principal executive officer, principal financial officer, and named executive officers participate.
The amendments to the Severance Program altered the severance benefits for the Company’s Chief Executive Officer in the event of a termination without “cause” or resignation for “good reason” as follows:
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Changed the Multiplier Factor (as defined in the Severance Program) of the lump sum cash payment from one and five tenths (1.5) to two (2); and |
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Changed the Severance Continuation Period (as defined in the Severance Program) from eighteen (18) months to twenty-four (24) months. |
Additionally, for all participants under the Severance Program, including the Company’s Chief Executive Officer, the amendments to the Severance Program extended the change in control protection period from twelve (12) months to twenty-four (24) months.
A summary of the Severance Program, including amounts previously payable thereunder, is set forth in the Company’s proxy statement filed April 14, 2017. Such summary, together with the amended and restated Severance Program, does not purport to be complete and is qualified in its entirety by the full text of the amended and restated Severance Program, filed as Exhibit 10.1 to this Form 8-K and incorporated by reference herein.
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Item 9.01 |
Financial Statements and Exhibits. |
(d)Exhibits
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Exhibit No. |
Description |
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10.1+ |
Kraton Corporation Executive Severance Program, as amended and restated September 12, 2017. |
+ Denotes compensatory plan or arrangement.
Kraton Corp ExhibitEX-10.1 2 executiveseveranceprogram.htm EXHIBIT 10.1 Exhibit Exhibit 10.1KRATON CORPORATIONEXECUTIVE SEVERANCE PROGRAM (as amended and restated September 12,…To view the full exhibit click here
About Kraton Corporation (NYSE:KRA)
Kraton Corporation, formerly Kraton Performance Polymers, Inc., is a specialty chemicals company. The Company manufactures styrenic block copolymers (SBCs) and other engineered polymers. The Company also produces specialty products primarily derived from pine wood pulping co-products. It operates through the manufacturing and marketing of engineered polymers segment. Its SBCs are used in a range of applications, including adhesives, coatings, consumer and personal care products, sealants, lubricants, medical, packaging, automotive, paving, roofing and footwear products. It also sells isoprene rubber (IR) and isoprene rubber latex (IRL), which are non-SBC products primarily used in applications, such as medical products, personal care, adhesives, tackifiers, paints and coatings.
