ARCONIC INC. (NYSE:ARNC) Files An 8-K Other Events
Item8.01.
| Other Events. |
Arconic Inc. (the Company) maintains a grantor trust
relating to certain of the Companys nonqualified deferred
compensation and retirement benefit plans. The trust was
established to a trust agreement entered into by the Company in
1993, which was amended and restated in 2007 (the Trust
Agreement).
The terms of the Trust Agreement, which is filed herewith as
Exhibit 99.1, provide for funding of the trust by the Company in
connection with a change in control (as defined in the Trust
Agreement) under certain circumstances. The estimated aggregate
amount of the required funding based upon the liabilities of the
related plans is approximately $500million. While the assets of
the trust would remain Company assets, following a change in
control they would be available solely for purposes of paying
benefits under the plans, other than in the case of the Companys
insolvency.
On April12, 2017, the Company delivered notice to the trustee
that a potential change in control (as defined in the Trust
Agreement) has occurred. As previously disclosed, Elliott
Management Corporation is conducting a proxy solicitation to
elect four new directors to replace four of the present directors
of the Company. No determination has been made at this time as to
whether there will be a change of control.
| Item9.01. | Financial Statements and Exhibits |
|
Exhibit Number |
Description |
|
| 99.1 |
Amendment and Restatement of the Trust Agreement between Wells Fargo Bank, N.A. (as successor trustee) and Arconic Inc., dated September24, 2007, as amended |
About ARCONIC INC. (NYSE:ARNC)
Arconic Inc., formerly Alcoa Inc., is engaged in providing materials and engineered products. The Company operates through segments, including Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. The Company offers engineered products and solutions, including fastening systems and rings, titanium and engineered products, power and propulsion, and forgings and extrusions. Its transportation and construction solutions include wheel and transportation products; building and construction systems, and extrusions. Its global rolled products include aerospace and automotive products; Micromill products and services, and brazing, commercial transportation and industrial solutions. It offers a range of aluminum sheet and plate products for the aerospace, automotive, commercial transportation, brazing and industrial markets. The Company’s product portfolio is focused on Arconic Micromill technology. ARCONIC INC. (NYSE:ARNC) Recent Trading Information
ARCONIC INC. (NYSE:ARNC) closed its last trading session down -0.74 at 25.85 with 3,216,103 shares trading hands.