COOPER-STANDARD HOLDINGS INC. (OTCMKTS:COSHW) 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.
COOPER-STANDARD HOLDINGS INC. (OTCMKTS:COSHW) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On June 6, 2017, Cooper-Standard Holdings Inc. (the “Company”) issued a news release announcing the appointment of Jonathan P. Banas as its executive vice president and chief financial officer and the appointment>of Peter C. Brusate as its vice president, corporate controller and chief accounting officer, both effective June 7, 2017.
In connection with Mr. Banas’ appointment, the Compensation Committee approved the following compensation actions for Mr. Banas: (i) an annualized base salary increase from $290,000 to $400,000; (ii) an Annual Incentive Award 2017 target increase from 40% of base salary to 65% of base salary; and (iii) a Long-Term Incentive Program value increase from $151,000 to $500,000, which includes a one-time equity grant valued at $350,000. In connection with Mr. Brusate’s appointment, the Compensation Committee approved the following compensation actions for Mr. Brusate: (i) an annualized base salary increase from $235,000 to $290,000; and (ii) an Annual Incentive Award 2017 target increase from 35% of base salary to 40% of base salary. There are no family relationship between either Mr. Banas or Mr. Brusate and any director or executive officer of the Company, and neither Mr. Banas nor Mr. Brusate has any direct or indirect material interest in any transaction required to be disclosed to Item 404(a) of Regulation S-K.
Matthew Hardt resigned>effective June 7, 2017>as executive vice president and chief financial officer of the Company to pursue another opportunity. Mr. Hardt will serve as a non-executive employee of the Company and provide transition services to the Company through September 30, 2017. In exchange for Mr. Hardt’s transition services and his execution of a release, Mr. Hardt will continue to be eligible for the compensation and benefits at the level he is currently receiving while he is employed with the Company, although Mr. Hardt will no longer be eligible for annual bonus compensation under either the Company’s Annual Incentive Plan or Long-Term Incentive Plan.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is filed with this Report and is incorporated herein by reference:
Exhibit 99 News release dated October June 6, 2017.*
