CHESAPEAKE UTILITIES CORPORATION (NYSE:CPK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
As previously disclosed by Chesapeake Utilities Corporation (the “Company”) in its Quarterly Report on Form10-Q for the quarter ended March31, 2018, filed with the Securities and Exchange Commission on May8, 2018, on May2, 2018, ElaineB. Bittner ceased serving as the Company’s Senior Vice President and her employment terminated. In connection therewith, the Company and Ms.Bittner executed a Separation Agreement and Release (the “Separation Agreement”) effective as of June7, 2018 (the “Effective Date”).
to the Separation Agreement, Ms.Bittner will receive a severance payment valued at One Million Nine Hundred Thousand Dollars ($1,900,000). Ms.Bittner will receive a one-time lump sum cash payment of Eight Hundred and Thirty One Thousand Dollars ($831,000), net of appropriate payroll taxes and withholdings, payable within 10 calendar days of the Effective Date. Additionally, 14,107 shares of common stock previously granted to Ms.Bittner to three Performance Stock Awards, with a value of One Million Sixty Nine Thousand Dollars ($1,069,000), will immediately vest and be issued within 10 calendar days of the Effective Date. Ms.Bittner also will be entitled to retain her previously issued Company vehicle. The Company has agreed to transfer title to Ms.Bittner within the earlier of (i)the expiration of the vehicle registration or (ii)twenty-one (21)days of the Effective Date.
The Separation Agreement also provides for Ms.Bittner’s full release of all claims she may have against the Company and its related parties, as well as a reaffirmation of Ms.Bittner’s one-year non-compete covenant and non-solicitation covenants as set forth in her Employment Agreement and adherence to other obligations, including those related to continued protection of the Company’s confidential information and non-disparagement of the Company and its employees and directors, all as provided in the Employment Agreement or the Separation Agreement.
The foregoing summary of the Separation Agreement is qualified in its entirety by reference to the full text of the Separation Agreement, which is filed hereto as Exhibit 10.1 and is incorporated herein by reference.
| Item 5.02 | Financial Statements and Exhibits. |
(d)Exhibits
CHESAPEAKE UTILITIES CORP ExhibitEX-10.1 2 d601227dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 SEPARATION AGREEMENT AND RELEASE Chesapeake Utilities Corporation,…To view the full exhibit click here
About CHESAPEAKE UTILITIES CORPORATION (NYSE:CPK)
Chesapeake Utilities Corporation (Chesapeake) is an energy company. The Company, through its operating divisions and subsidiaries, is engaged in regulated and unregulated energy businesses. It provides natural gas distribution and transmission, natural gas supply, gathering and processing, electric distribution and propane distribution service. It operates through two segments: Regulated Energy and Unregulated Energy. The Regulated Energy segment includes its natural gas distribution, natural gas transmission and electric distribution operations. The Unregulated Energy segment includes its propane distribution, propane wholesale marketing, natural gas marketing and natural gas supply, gathering and processing services, which are unregulated as to their rates and services. Also included in the Unregulated Energy segment are other unregulated energy services, such as energy-related merchandise sales and heating, ventilation and air conditioning plumbing and electrical services.
