BRUNSWICK CORPORATION (NYSE:BC) 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.
Brunswick Corporation ("Brunswick" or the "Company") filed a Current Report on Form 8-K (the "Original Form 8-K") on October 25, 2018, to report, among other things, that David M. Foulkes, the Company’s current Chief Technology Officer and President, Brunswick Marine Consumer Solutions, will assume the role of Chief Executive Officer effective as of January 1, 2019. On December 4, 2018, upon recommendation by the Human Resources and Compensation Committee ("Committee"), the Board of Directors approved the material terms of Mr. Foulkes' employment as Chief Executive Officer. Except as stated in this amendment to the Original Form 8-K, no other information contained in the Original Form 8-K is amended or supplemented.
In his new role as Chief Executive Officer, Mr. Foulkes will earn an annual base salary of $1,000,000. He will be entitled to participate in the Brunswick Performance Plan, with a target bonus recommended by the Committee and approved by the independent directors of the Board of Directors, and will also be eligible for grants of equity-based awards under Brunswick's 2014 Stock Incentive Plan as determined by the Committee. Mr. Foulkes will also be eligible for other benefits to which executive officers are entitled as generally described in Brunswick's most recent proxy statement filed with the Securities and Exchange Commission on March 22, 2018. Mr. Foulkes' Terms and Conditions of Employment agreement is attached as Exhibit 10.1 and incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits:
BRUNSWICK CORP ExhibitEX-10.1 2 foulkestermsandconditionse.htm EXHIBIT 10.1 Exhibit BRUNSWICK CORPORATIONTERMS AND CONDITIONS OF EMPLOYMENTThese TERMS AND CONDITIONS OF EMPLOYMENT (the “Agreement”) are entered into as of January 1,…To view the full exhibit click here
About BRUNSWICK CORPORATION (NYSE:BC)
Brunswick Corporation (Brunswick) is a designer, manufacturer and marketer of recreation products, including marine engines, boats, fitness and active recreation products. The Company operates in three segments, which include Marine Engine, Boat and Fitness. The Marine Engine segment manufactures and markets a range of outboard engines, sterndrive engines, inboard engines and marine parts and accessories, which are principally sold directly to boat builders, including Brunswick’s Boat segment, or through marine retail dealers and distributors across the world. The Boat segment designs, manufactures and markets fiberglass pleasure boats, offshore fishing boats, yachts and sport yachts, aluminum fishing boats, pontoon boats, deck boats and inflatable boats. The Fitness segment designs, manufactures and markets fitness equipment, including treadmills, total body cross-trainers, stair climbers, stationary bikes and strength-training equipment, as well as billiards tables and accessories.