Market Exclusive

AXALTA COATING SYSTEMS LTD. (NYSE:AXTA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

AXALTA COATING SYSTEMS LTD. (NYSE:AXTA) 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.

Appointment of Director Elizabeth C. Lempres
On April 2, 2017, the Board of Directors (the Board) of Axalta
Coating Systems Ltd. (Axalta), upon the recommendation of the
Nominating and Corporate Governance Committee of the Board,
appointed Elizabeth Cahill Lempres to the Board as a Class II
director, with a term expiring at Axaltas 2019 annual general
meeting of members.
Ms. Lempres has been appointed to the Environment, Health, Safety
Sustainability Committee of the Board, effective as of April 2,
2017. Prior to her appointment, the Board concluded that Ms.
Lempres satisfies all of the applicable independence requirements
of Axalta, the New York Stock Exchange and the Securities and
Exchange Commission (the SEC). Ms. Lempres currently serves as a
Senior Partner at McKinsey Company, a leading management
consulting firm.
Upon her appointment to the Board, Ms. Lempres became entitled to
receive the annual cash stipend for non-employee directors in the
amount of $75,000, payable quarterly in arrears and prorated for
partial service in the quarter. Ms. Lempres will be eligible to
receive awards under Axaltas equity incentive plans to the same
extent as other non-employee directors. In addition, Ms. Lempres
and Axalta will enter into Axaltas standard form of director
Indemnification Agreement, which was filed with the SEC on
October 30, 2014 as Exhibit 10.48 to Axaltas Registration
Statement on Form S-1>(File No. 333-198271).
Departure of Director Gregory S. Ledford
On April 2, 2017, Gregory S. Ledford informed Axalta that he is
resigning from the Board effective as of such date in accordance
with the terms of Axaltas Principal Stockholders Agreement
following the sale by investment funds affiliated with The
Carlyle Group (Carlyle) of 41,621,996 Axalta common shares in
August 2016, representing all of Carlyles remaining ownership
interest in Axalta. Mr. Ledford was the final remaining Carlyle
designee serving on Axaltas Board, and following his resignation
all obligations of the parties under the Principal Stockholders
Agreement have been satisfied and the contract is now complete.
Ms. Lempres was appointed to fill the Board seat vacated by Mr.
Ledford.
Item 7.01. Regulation FD Disclosure.
On April 3, 2017, Axalta issued a press release announcing the
appointment of Ms. Lempres to the Board. The press release is
furnished as Exhibit 99.1 to this Current Report. The information
furnished with this Current Report, including Exhibit 99.1, shall
not be deemed filed for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, 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, except as expressly set forth by specific reference in
such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
Press Release dated April 3, 2017

About AXALTA COATING SYSTEMS LTD. (NYSE:AXTA)
Axalta Coating Systems Ltd. is a holding company. The Company is a manufacturer, marketer and distributor of coatings systems primarily serving the transportation industry. Its segments include Performance Coatings and Transportation Coatings. The Company, through its Performance Coatings segment, provides liquid and powder coatings solutions to a fragmented and local customer base. The Company, through its Transportation Coatings segment, provides coating technologies to original equipment manufacturers (OEMs) of light and commercial vehicles. It develops, manufactures and supplies liquid and powder coatings for a number of applications in the industrial end market. It develops, markets and supplies a portfolio of coatings systems and color matching technologies. It offers waterborne and solventborne products and systems used by the global automotive repair industry to refinish damaged vehicles. Its brands include Voltatex, Alesta, Nap-Gard, Abcite and Imron. AXALTA COATING SYSTEMS LTD. (NYSE:AXTA) Recent Trading Information
AXALTA COATING SYSTEMS LTD. (NYSE:AXTA) closed its last trading session up +0.08 at 32.20 with 1,694,264 shares trading hands.

Exit mobile version