CSS Industries, Inc. (NYSE:CSS) 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.
White as our Executive Vice President of Operations effective
upon his commencement of employment with the Company on March 13,
2017. Effective with the commencement of Mr. Whites employment,
Christian A. Sorensen, who currently serves as our Executive Vice
President of Operations, will transition to the role of Senior
Vice President Finance Supply Chain.
management experience with E. I. du Pont de Nemours and Company
(NYSE: DD) (DuPont), a global manufacturing company, where his
responsibilities have included leading supply chain operations,
including sourcing, logistics, demand-driven fulfillment and
manufacturing, in the United States, Asia and Europe. Since
December 2015, he has served as Manufacturing Director of DuPont
Performance Materials, with responsibility for multiple
operations in DuPonts Americas region. From 2012 to 2015, he
served initially as Program Leader and later as Supply Chain
Director for DuPont Performance Polymers in Shanghai, China.
Prior to that, from 2009 to 2012, he served initially as
Operations Business Leader and later as Program Leader of DuPont
Performance Polymers. From 1998 to 2009, he served in various
operational leadership capacities with DuPont Performance
Elastomers and Dow DuPont Elastomers, including service for
approximately four years as a Unit Manager and Managing Director
of a specialty polymer plant in Dordrecht, Netherlands.
providing for: (i) a starting base salary of $300,000 per annum;
(ii) participation in our management incentive program (beginning
with our fiscal year ending March 31, 2018) with a target
incentive compensation opportunity amount equal to 60% of Mr.
Whites then-current annual base salary; (iii) a future management
recommendation to the Human Resources Committee of our Board of
Directors for a grant to Mr. White of a stock option to acquire
10,000 shares of our common stock and for a grant to Mr. White of
10,000 restricted stock units (vesting upon satisfaction of
service-based vesting conditions in equal 50% installments on
each of the third and fourth anniversaries of the grant date),
subject the provisions of our 2013 Equity Compensation Plan; and
(iv) a company-owned or leased automobile to be made available
for Mr. Whites use.
severance benefit to Mr. White if we terminate his employment
other than for cause, subject to certain conditions set forth in
the employment agreement. The severance benefit consists of a
continuation of salary payments to Mr. White following any such
termination, with the aggregate amount of such payments being
equal to Mr. Whites then-current annual base salary or, if
greater, an amount governed by a then-current severance policy
applicable to Mr. White. Any such payments will be reduced by any
applicable tax withholdings and payroll deductions.
appointment of John S. White as our Executive Vice President of
Operations effective upon his commencement of employment with the
Company on March 13, 2017. A copy of such press release is
attached as Exhibit 99.1 to this Current Report on Form 8-K. This
press release is being furnished to General Instruction B.2 of
Form 8-K and is not deemed filed for purposes of Section 18 of
the Securities Exchange Act of 1934 (the Exchange Act), nor is it
subject to the liabilities of that section or deemed incorporated
by reference into any filing made by us under the Exchange Act
and/or the Securities Act of 1933.
10.1, and furnished, in the case of Exhibit 99.1, herewith:
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Exhibit No.
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Description
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10.1
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Employment Agreement dated February 16, 2017 between
CSS Industries, Inc. and John S. White |
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99.1
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Press Release dated February 23, 2017
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About CSS Industries, Inc. (NYSE:CSS)
CSS Industries, Inc. is a consumer products company, which is engaged in the design, manufacture, procurement, distribution and sale of non-durable all occasion and seasonal social expression products, principally to mass market retailers in the United States and Canada. The Company’s occasion and seasonal products include classroom exchange Valentines, infant products, journals, buttons, gift wrap, floral accessories, craft and educational products, Easter egg dyes and novelties, memory books, scrapbooks, stickers, stationery and other items. Its Christmas products include decorative ribbons and bows, boxed greeting cards, gift tags, gift bags, gift boxes, gift card holders, tissue paper and decorations. Valentine product offerings include classroom exchange Valentine cards and other related Valentine products, while its Easter product offerings include Dudley’s brand of Easter egg dyes and related Easter seasonal products. Its brands include Paper Magic, Berwick, Offray and others. CSS Industries, Inc. (NYSE:CSS) Recent Trading Information
CSS Industries, Inc. (NYSE:CSS) closed its last trading session down -0.49 at 25.62 with 12,172 shares trading hands.