ARMSTRONG FLOORING, INC. (NYSE:AFI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
(b)On and effective February1, 2018, Joseph N. Bondi resigned from his position as Senior Vice President and Chief Product Officer of Armstrong Flooring, Inc. (the “Company”). Mr.Bondi will remain in a full-time, non-executive, non-officer employment role reporting to Donald R. Maier, the Company’s President and Chief Executive Officer, or Mr.Maier’s designee, from February1, 2018 through May31, 2018 (the “Transition Period”). In connection with Mr.Bondi’s resignation, the Company and Mr.Bondi entered into a Separation and Release Agreement (the “Separation Agreement”).
(e) to the terms of the Separation Agreement, and subject to certain conditions, including Mr.Bondi’s continued employment and execution of certain releases without timely revocation of his consent to the releases, Mr.Bondi will be entitled to: (i)continue to receive, during the Transition Period, his monthly base pay at the rate in effect as of February1, 2018 (US $28,600.00) and all applicable perquisites, less applicable deductions and withholdings in accordance with the Company’s usual payroll practices and procedures; (ii)be eligible to participate, during the Transition Period, in the Company’s standard employee benefit plans in which he participated as of the date of the resignation; and (iii)provided that Mr.Bondi is employed by the Company through May31, 2018 (the “Separation Date”) or such employment was previously terminated by the Company other than for Mr.Bondi’s breach of the Separation Agreement and other than for Cause, a lump sum payment of US $250,000.00, less all applicable withholding, in the first payroll period following Mr.Bondi’s execution of a supplemental release without timely revocation of his consent to such release. Mr.Bondi also acknowledged and agreed that he will continue to be bound by certain restrictive covenants included in his Change in Control Agreement with the Company. Mr.Bondi also granted the Company a waiver and release of liability and claims and will grant a supplemental release to the Company following the conclusion of the Transition Period. Mr.Bondi’s release includes, without limitation, a waiver and release of all rights under his Change in Control and Severance Agreement with the Company, the Company’s Severance Pay Plan for Executive Employees and any incentive compensation plan or stock option plan with the Company. Mr.Bondi will not be eligible for any award under the Company’s Annual Incentive Plan in respect of 2018 or any long-term incentive awards during the Transition Period.
Section7 – Regulation FD
| Item 5.02 | Regulation FD Disclosure. |
On February5, 2018, the Company issued a press release announcing (i)its strategy to empower its distributors with increased responsibility for marketing, merchandising and sales of its residential flooring products and focus resources to drive growth with national retail and commercial customers, and (ii)the resignation of Mr.Bondi as Senior Vice President and Chief Product Officer. The full text of the press release is attached hereto as Exhibit99.1.
The information in Item 5.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished herewith and shall not be deemed “filed” for the purposes of Section18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 5.02 | Financial Statements and Exhibits. |
Armstrong Flooring, Inc. ExhibitEX-99.1 2 d726951dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 FOR IMMEDIATE RELEASE February 5,…To view the full exhibit click here
About ARMSTRONG FLOORING, INC. (NYSE:AFI)
Armstrong Flooring, Inc. is engaged in the designing and manufacturing of flooring solutions that inspire spaces where people live, work, learn, heal and play. The Company manufactures resilient and wood flooring products across North America. The Company safely and responsibly operates approximately 18 manufacturing facilities in three countries. The Company’s headquarters is located in Lancaster, Pennsylvania.