Manitowoc Foodservice, Inc. (NYSE:MFS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February16, 2017, John O. Stewart, the Senior Vice President
and Chief Financial Officer of Manitowoc Foodservice, Inc. (the
Company), notified the Company of his intent to retire, effective
as of April28, 2017 (the Retirement Date). In connection with his
retirement, Mr.Stewart and the Company, as approved by the
Companys Compensation Committee, entered into an amendment, dated
February20, 2017 (the Amendment), to the Employment Agreement,
dated November7, 2016, by and between the Company and Mr.Stewart
(the Employment Agreement).
The Amendment provides that the Employment Agreement will remain
in effect and Mr.Stewarts retirement will be considered a
termination of employment without Cause under the Employment
Agreement, if Mr.Stewart remains employed by the Company in good
standing through the Retirement Date. to the Amendment, if
Mr.Stewart remains employed in good standing through the
Retirement Date, one-third of his performance shares and stock
options granted in 2017 will become vested (at the target level,
in the case of the performance shares) upon the Retirement Date.
The remaining equity awards granted in 2017 will be forfeited
upon the Retirement Date.
The foregoing description of the Amendment does not purport to be
complete and is qualified in its entirety by reference to the
full text of the Amendment, which is filed as Exhibit 10.1 to
this Current Report on Form 8-K and incorporated herein by
reference. The Companys press release announcing Mr.Stewarts
retirement is filed as Exhibit 99.1 to this Current Report on
Form 8-K.
| Item9.01. | Financial Statements and Exhibits. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| (c) | Not applicable. |
| (d) |
Exhibits. The following exhibit is being filed herewith: |
| (10.1) |
Amendment, dated February20, 2017, to the Employment Agreement, dated November7, 2016, by and between Manitowoc Foodservice, Inc. and John O. Stewart. |
|
| (99.1) |
Manitowoc Foodservice, Inc. press release, dated February21, 2017. |
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About Manitowoc Foodservice, Inc. (NYSE:MFS)
Manitowoc Foodservice, Inc. is a commercial foodservice equipment company. The Company designs, manufactures and services an integrated portfolio of hot and cold category products. The Company operates through three segments: Americas, EMEA and APAC. The Americas segment includes the United States, Canada and Latin America. The EMEA segment consists of markets in Europe, Middle East and Africa, including Russia and the commonwealth of independent states. The APAC segment consists of markets in China, Singapore, Australia, India, Malaysia, Indonesia, Thailand and the Philippines. The Company supplies foodservice equipment to commercial and institutional foodservice operators, such as restaurants, hotels, caterers, supermarkets, convenience stores, business and industry, hospitals, schools and other institutions. The Company’s products include Convotherm 4, Merrychef eikon, Indigo Ice Machine, Koolaire, Chick-fil-A Broiler, Merco IntelliHold Series and Frymaster FilterQuick. Manitowoc Foodservice, Inc. (NYSE:MFS) Recent Trading Information
Manitowoc Foodservice, Inc. (NYSE:MFS) closed its last trading session down -0.10 at 18.51 with 827,283 shares trading hands.
