AptarGroup,Inc. (NYSE:ATR) 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.
On February8, 2018, the Management Development and Compensation Committee of the Board of Directors (the “Committee”) of AptarGroup,Inc. (the “Company”) adopted the Company’s 2018 Performance Incentive Plan. The 2018 Performance Incentive Plan replaced the Company’s prior Performance Incentive Plan, which terminated to its terms on January1, 2018. The 2018 Performance Incentive Plan is based on the Company’s prior Performance Incentive Plan, with updates to eliminate references related to the performance-based compensation exemption under Section162(m)of the Internal Revenue Code of 1986, as amended, and to reflect certain other administrative changes.
The following paragraphs provide a summary of certain terms of the 2018 Performance Incentive Plan. The summary is qualified in its entirety by the full text of the 2018 Performance Incentive Plan, which is filed as Exhibit10.1 to this Current Report on Form8-K and is incorporated herein by reference.
Under the 2018 Performance Incentive Plan, officers and employees of the Company and its subsidiaries will be eligible to receive awards based on the attainment of specific performance goals established by the Committee for a specified period, and other terms and conditions that may be established by the Committee.
Upon attainment of the relevant performance goals, payment with respect to an award may be made in cash, restricted stock units issued under the Company’s equity plan, or any combination of both, as determined by the Committee. Performance goal targets may be based on an employee’s base salary, or a multiple thereof, as determined by the Committee. In all cases, the Committee has the sole and absolute discretion to reduce the amount of any payment under the 2018 Performance Incentive Plan that would otherwise be made to any participant or to decide that no payment will be made.
Awards under the 2018 Performance Incentive Plan will be subject to any clawback or recoupment policy that the Company may adopt, including, without limitation, any clawback or recoupment policy required by applicable law.
The 2018 Performance Incentive Plan will remain in effect until it is terminated by the Committee.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
10.1 AptarGroup 2018 Performance Incentive Plan.