CONSTELLATION BRANDS, INC. (NYSE:STZ) 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
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Committee) of the Board of Directors of Constellation Brands,
Inc. (the Company) took the following actions with regard to
certain compensatory arrangements for certain of its Executive
Officers.
Companys Executive Officers, which salaries will take effect on
March 1, 2017. The following table sets forth the new annual base
salary level of the Executive Officer identified below:
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Name and Position
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David Klein,
Executive Vice President and
Chief Financial Officer
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$700,000
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and one of its affiliates, Crown Imports LLC (Crown and
collectively with the Company, Constellation), to enter into an
Executive Employment Agreement (the New Employment Agreement)
with William F. Hackett, Executive Vice President and Chairman,
Beer Division, which will be effective March 1, 2017. The New
Employment Agreement supersedes Mr. Hacketts currently existing
employment agreement with Constellation, dated as of June 17,
2013, which was filed as Exhibit 10.10 to the Companys Quarterly
Report on Form 10-Q for the fiscal quarter ended August 31, 2013.
concerning his term of employment, compensation, and voluntary
and involuntary termination of employment. The term of Mr.
Hacketts New Employment Agreement runs from March 1, 2017 until
February 28, 2019, provided that either Mr. Hackett or
Constellation may terminate the New Employment Agreement with at
least 90 days advance written notice. The New Employment
Agreement provides for an initial annual salary level for Mr.
Hackett in the amount of $354,000, which, following February 28,
2018, may be adjusted upwards or downwards by the Committee or
its delegate. Upon termination of the New Employment Agreement,
unless the President and Chief Executive Officer of the Company
expressly determines otherwise, Mr. Hackett will not be eligible
for severance under any arrangement maintained by Constellation.
upon Mr. Hacketts ability, during and after the period of
employment, to use confidential information or trade secrets of
the Company, to provide services that are competitive with the
Company, and to solicit or induce employees to terminate their
employment relationships with the Company.
Agreement is a summary and is qualified in its entirety by the
New Employment Agreement filed herewith as Exhibit 10.1, all of
which is incorporated herein by reference.
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Item 9.01
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Financial Statements and Exhibits.
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(a)
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Financial statements of businesses acquired.
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(b)
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Pro forma financial information.
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(c)
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Shell company transactions.
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(d)
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Exhibits.
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Form 8-K:
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Exhibit No.
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Description
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10.1
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Executive Employment Agreement dated February 27, 2017
among Constellation Brands, Inc., Crown Imports LLC and William F. Hackett. |
About CONSTELLATION BRANDS, INC. (NYSE:STZ)
Constellation Brands, Inc. is an international beverage alcohol company. The Company is a producer and marketer of beer, wine and spirits with operations in the United States, Canada, Mexico, New Zealand and Italy. Its segments include Beer, Wine and Spirits, and Corporate Operations and Other. It is a multi-category supplier (beer, wine and spirits) of beverage alcohol in the United States. It sells a number of brands in the import and craft beer categories, including Corona Extra, Corona Light, Modelo Especial, Ballast Point and others. It is a producer and marketer of wine, and sells a number of wine brands across various categories, including table wine, sparkling wine and dessert wine, and across all price points, such as popular, premium and luxury categories. Some of its wine and spirits brands sold in the United States, which comprise its U.S. Focus Brands (Focus Brands) include Meiomi, Robert Mondavi, Wild Horse and others. CONSTELLATION BRANDS, INC. (NYSE:STZ) Recent Trading Information
CONSTELLATION BRANDS, INC. (NYSE:STZ) closed its last trading session 00.00 at 157.80 with 1,918,715 shares trading hands.
