ACTUANT CORPORATION (NYSE:ATU) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ACTUANT CORPORATION (NYSE:ATU) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Story continues below

Effective as of July26, 2017, Actuant Corporation (the “Company”), in connection with the Company’s annual governance review, entered into Amended and Restated Change in Control Agreements with each of its executive officers. The Company’s Form of Amended and Restated Change in Control Agreement includes certain amendments (the “Amendments”) to the Company’s Form of Change in Control Agreement for Executive Officers, which the Company included as Exhibit 10.1 to the Form 8-K filed by the Company on May2, 2012.

The Amendments provide for the following material changes to the Company’s Form of Change in Control Agreement for Executive Officers:

Revised the severance formula to provide that the amount payable to an executive in respect of his or her annual bonus in connection with the executive’s termination (other than for cause) or voluntary resignation (in connection with a triggering event) during the six months prior to, and twenty-four months following, a change in control of the Company shall be equal to the greater of (i)twice the amount of the highest annual bonus or annual incentive compensation earned by the executive under any annual cash bonus or annual incentive compensation plan of the Company during the three complete fiscal years of the Company immediately preceding the termination of employment and (ii)twice the amount of the highest annual bonus or annual incentive compensation opportunity, calculated at target, for the executive under any annual cash bonus or annual incentive compensation plan of the Company (during the three complete fiscal years of the Company immediately preceding the termination of employment).
Provided for the accelerated vesting of any outstanding equity or long-term incentive awards held by an executive immediately prior to the executive’s termination (other than for cause) or voluntary resignation (in connection with a triggering event) during the six months prior to, and twenty-four months following, a change in control of the Company and an extended exercise period for any stock options, stock appreciation rights or similar awards in such circumstances.

The foregoing descriptions of the changes to the Company’s Change in Control Agreement for Executive Officers are qualified in their entirety by the Form of Amended and Restated Actuant Corporation Change in Control Agreement attached hereto as Exhibit 10.1, which is incorporated herein by reference.

Item 5.02 Financial Statements and Exhibits

(d) Exhibits

10.1 Form of Amended and Restated Actuant Corporation Change in Control Agreement


ACTUANT CORP Exhibit
EX-10.1 2 d423018dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 AMENDED AND RESTATED ACTUANT CORPORATION CHANGE IN CONTROL AGREEMENT (Amended and Restated Effective July 26,…
To view the full exhibit click here

About ACTUANT CORPORATION (NYSE:ATU)

Actuant Corporation designs, manufactures and distributes a range of industrial products and systems to various end markets. The Company operates through three segments: Industrial, Energy and Engineered Solutions. The Company’s Industrial segment is primarily involved in the design, manufacture and distribution of branded hydraulic and mechanical tools to the maintenance, industrial, infrastructure and production automation markets. The Company’s Energy segment provides joint integrity products and services, customized offshore vessel mooring solutions, as well as rope and cable solutions to the global oil and gas, power generation and other energy markets. The Company’s Engineered Solutions segment provides engineered position and motion control systems to original equipment manufacturers (OEM) in various on and off-highway vehicle markets, as well as various other products to the industrial and agricultural markets.

An ad to help with our costs