ADIENT PLC (NYSE:ADNT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed, on June 11, 2018, the Adient plc (“Adient”) Board of Directors (“the Board”) appointed Frederick A. (“Fritz”) Henderson to serve as interim Chief Executive Officer. On June 18, 2018, the Board approved compensation to be paid to Mr. Henderson for his service as interim Chief Executive Officer, which compensation is documented in the form of the Adient plc Interim Chief Executive Officer Compensation Term Sheet (the “Term Sheet”).
During Mr. Henderson’s service as interim Chief Executive Officer, and as outlined in the Term Sheet, he will receive (i) a monthly base salary of $80,000 and (ii) fully vested Adient ordinary shares in the amount of $150,000 per month. While he is serving as interim Chief Executive Officer, Mr. Henderson is eligible to participate in Adient’s health and welfare plans, 401(k) Plan and Retirement Restoration Plan. He will not be eligible to participate in Adient’s Annual Incentive Performance Program, Long-Term Incentive Plan, perquisite allowance or car lease programs, but will receive payments to cover temporary housing.
The foregoing summary is qualified in its entirety by reference to the Term Sheet, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
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Item 5.02. |
Financial Statements and Exhibits. |
(d) Exhibits.
Adient plc ExhibitEX-10.1 2 exhibit1016202018.htm EXHIBIT 10.1 Exhibit Exhibit 10.1Adient plcInterim Chief Executive Officer Compensation Term Sheet June 18,…To view the full exhibit click here
About ADIENT PLC (NYSE:ADNT)
Adient plc, formerly Adient Limited, is an automotive seating supplier. The Company designs, manufactures and markets a range of seating systems and components for passenger cars, commercial vehicles, and light trucks, including vans, pick-up trucks, and sport/crossover utility vehicles. The Company operates through two segments: Seating and Interiors. The Seating segment produces automotive seat metal structures, and mechanisms, foam, trim, fabric and complete seat systems. The Interiors segment produces instrument panels, floor consoles, door panels, overhead consoles, cockpit systems, decorative trim and other products. The Company also supplies various seating systems to the international motorsports industry through its RECARO brand of products. It operates approximately 230 manufacturing or assembly facilities, with operations in over 30 countries. Its technologies focus on offering automotive seating solutions in a range of areas, including frames, armrests and fabrics.
