EnerSys (NYSE:ENS) 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. |
severance agreement, dated June 7, 2013 (the Shaffer Severance
Agreement), with David M. Shaffer, its President and Chief
Executive Officer, to increase the lump sum benefit payable to
Mr. Shaffer thereunder to two times the sum of his annual base
compensation then in effect and his annual cash bonus at the
target level then in effect. The Shaffer Amendment also increased
the time period from one year to two years for (i) payment by
EnerSys of COBRA premiums in excess of the amount Mr. Shaffer
would pay, as an active employee, for continued participation in
EnerSys medical, dental, and vision programs, and (ii) Mr.
Shaffers post-termination non-compete and non-solicitation
covenants. No other changes to the terms or benefits were made to
the Shaffer Severance Agreement.
severance agreements (each, an NEO Severance Agreement) with each
of Michael J. Schmidtlein, its Executive Vice President and Chief
Financial Officer, and Todd M. Sechrist, its Executive Vice
President and Chief Operating Officer, to increase the lump sum
benefit payable thereunder to equal the sum of their respective
annual base compensation then in effect and their respective
annual cash bonus at the target level then in effect. No other
changes to the terms or benefits were made to the NEO Severance
Agreement.
attached as Exhibits 10.1 and 10.2, respectively, to this Current
Report on Form 8-K and are hereby incorporated by reference
herein. The foregoing description of the Shaffer Amendment and
the NEO Amendment is qualified in its entirety by reference to
Exhibits 10.1 and 10.2.
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10.1
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Form of letter agreement, dated June 7, 2017, between
EnerSys and David M. Shaffer. |
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10.2
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Form of letter agreement, dated June 7, 2017, between
EnerSys and an executive officer. |
About EnerSys (NYSE:ENS)
EnerSys is a manufacturer, marketer and distributor of industrial batteries. The Company manufactures, markets and distributes related products, such as chargers, power equipment, outdoor cabinet enclosures and battery accessories, and provides related after-market and customer-support services for industrial batteries. Its segments based on geographic regions consist of Americas, which consists of North and South America; EMEA, which includes Europe, the Middle East and Africa, and Asia, which includes Asia, Australia and Oceania. The Company’s product lines include reserve power and motive power products. Its Reserve power products also include thermally managed cabinets and enclosures for electronic equipment and batteries. The Company’s motive power products are used to provide power for electric industrial forklifts used in manufacturing, warehousing and other material handling applications. They are used as mining equipment, diesel locomotive starting and other rail equipment.