ASHLAND GLOBAL HOLDINGS INC. (NYSE:ASH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
Luis Fernandez-Moreno, Senior Vice President of Ashland Global
Holdings Inc. (Ashland) and President, Chemicals Group is leaving
Ashland effective February 28, 2017. Upon his departure William
A. Wulfsohn, Ashlands Chief Executive Officer and Chairman of the
Board, will assume a more direct role in the global leadership
responsibility for Ashlands Chemicals businesses.
Holdings Inc. (Ashland) and President, Chemicals Group is leaving
Ashland effective February 28, 2017. Upon his departure William
A. Wulfsohn, Ashlands Chief Executive Officer and Chairman of the
Board, will assume a more direct role in the global leadership
responsibility for Ashlands Chemicals businesses.
In connection with his departure, Mr. Fernandez-Moreno is being
offered a Separation Agreement and General Release to which Mr.
Fernandez-Moreno will agree to certain restrictive covenants and
provide a general release of claims, in exchange for a separation
package that includes:
offered a Separation Agreement and General Release to which Mr.
Fernandez-Moreno will agree to certain restrictive covenants and
provide a general release of claims, in exchange for a separation
package that includes:
a lump sum severance payment equal to 78 weeks of his base
salary, in accordance with the terms of the Ashland Severance Pay
Plan;
salary, in accordance with the terms of the Ashland Severance Pay
Plan;
continued coverage under Ashland’s medical and dental plans at
no cost to Mr. Fernandez-Moreno for the first 5 months of the
applicable 18-month COBRA continuation coverage period;
no cost to Mr. Fernandez-Moreno for the first 5 months of the
applicable 18-month COBRA continuation coverage period;
accelerated pro-rata vesting of certain one-time restricted stock
awards and pro-rata payment of incentive compensation and
outstanding LTIP Plan performance units, each granted under the
Ashland Incentive Plan in effect at the time of grant; and
awards and pro-rata payment of incentive compensation and
outstanding LTIP Plan performance units, each granted under the
Ashland Incentive Plan in effect at the time of grant; and
executive level outplacement assistance for a 12-month period
following his termination date.
following his termination date.
A pro-rata portion of Mr. Fernandez-Morenos performance-based
restricted stock award will remain outstanding following his
termination date in accordance with its terms. All other
outstanding restricted stock awards, restricted stock units, and
stock appreciation rights that are not vested as of Mr.
Fernandez-Morenos termination date will be forfeited.
restricted stock award will remain outstanding following his
termination date in accordance with its terms. All other
outstanding restricted stock awards, restricted stock units, and
stock appreciation rights that are not vested as of Mr.
Fernandez-Morenos termination date will be forfeited.
Mr. Fernandez-Moreno is also being offered an additional
agreement that will provide him with a lump sum payment of
$1,200,000 in exchange for his observance of certain restrictive
covenants for a 24-month period following his termination date,
payable following the conclusion of the 24-month period.
agreement that will provide him with a lump sum payment of
$1,200,000 in exchange for his observance of certain restrictive
covenants for a 24-month period following his termination date,
payable following the conclusion of the 24-month period.
This and other management changes are discussed in more detail in
the news release attached hereto as Exhibit 99.1, which is
incorporated by reference into this Item 5.02.
the news release attached hereto as Exhibit 99.1, which is
incorporated by reference into this Item 5.02.
Item 9.01. Financial Statements and Exhibits
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(d)
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Exhibits
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99.1
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News Release dated February 21, 2017.
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ASHLAND GLOBAL HOLDINGS INC. (NYSE:ASH) Recent Trading Information
ASHLAND GLOBAL HOLDINGS INC. (NYSE:ASH) closed its last trading session 00.00 at 121.81 with 394,841 shares trading hands.