AMPCO-PITTSBURGH CORPORATION (NYSE:AP) 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.
(e)On June27, 2018, Ampco-Pittsburgh Corporation (the “Company”) announced the planned retirement of John S. Stanik, to be (the “Retirement Date”). In connection with Mr.Stanik’s retirement, on July13, 2018, Mr.Stanik and the Company entered into a Retirement and Consulting Agreement (the “Agreement”). The Agreement provides for an initial term ending on December31, 2018 (the “Consulting Period”).
to the Agreement, Mr.Stanik will provide consulting services to the Company, and the Company will pay Mr.Stanik (i)$10,000 per month for the months of July, August and September, 2018, and (ii) $315 per hour worked, not to exceed $2500 per day, during the period starting on October1, 2018 and through the remainder of the Consulting Period. The Company will also reimburse Mr.Stanik for reasonable and necessary out-of-pocket expenses incurred in the performance of his consulting services.
In addition, in connection with Mr. Stanik’s retirement and in exchange for Mr.Stanik executing a general release of claims, Mr.Stanik will receive (i)accelerated vesting of the unvested portion of the restricted stock units granted to Mr.Stanik on May5, 2016, (ii) reimbursement of (A)COBRA premiums for Mr.Stanik through October 2018 and for his spouse through December31, 2019, and (B)Medicare supplement for Mr.Stanik through December31, 2019, and (iii)pro rata portion of Mr.Stanik’s short-term incentive award for the 2018 fiscal year, to be paid in shares of the Company’s common stock.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
| Item 5.02 | Financial Statements and Exhibits. |
(d) Exhibits.
AMPCO PITTSBURGH CORP ExhibitEX-10.1 2 d628438dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 RETIREMENT AND CONSULTING AGREEMENT The parties to this Retirement and Consulting Agreement (the Agreement) are Ampco-Pittsburgh Corporation (the Company) and John S. Stanik (the Executive). This Agreement is effective as of June 30,…To view the full exhibit click here
About AMPCO-PITTSBURGH CORPORATION (NYSE:AP)
Ampco-Pittsburgh Corporation is engaged in manufacturing and selling specialty metal products and customized equipment utilized by industry throughout the world. The Company operates through two segments: the Forged and Cast Engineered Products segment, and the Air and Liquid Processing segment. The Forged and Cast Engineered Products segment consists of Union Electric Steel Corporation (Union Electric Steel or UES) and Union Electric Steel UK Limited (UES-UK). The Air and Liquid Processing segment includes Aerofin, Buffalo Air Handling and Buffalo Pumps, all divisions of Air & Liquid Systems Corporation (Air and Liquid), a subsidiary of the Company. Union Electric Steel produces ingot and forged products that service a range of industries across the globe. UES-UK produces cast rolls for hot and cold strip mills, medium/heavy section mills and plate mills in a range of iron and steel qualities.