Fortune Brands Home Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. |
As reported in a Current Report on Form8-K filed onJanuary31,
2017 by Fortune Brands Home Security, Inc. (the Company), on
January26, 2017, Mr.E. Lee Wyatt, Jr. notified the Company of his
intention to retire from the Company by the end of 2017 and the
Company announced that Mr.PatrickD. Hallinan would succeed
Mr.Wyatt when he steps down (the Original 8-K). This Form8-K/A
amends the Original Form8-K regarding Mr.Hallinans
appointment as Senior Vice President and Chief Financial Officer
and discloses his compensation arrangements.
On June26, 2017,
the Company announced that Mr.Hallinan has been appointed Senior
Vice President and Chief Financial Officer, effective July1,
2017. The Company also announced that beginning July1, 2017,
Mr.Wyatt will serve as Executive Vice President until his
retirement at the end of the year.
On June22, 2017,
the Compensation Committee approved Mr.Hallinans compensation as
Senior Vice President and Chief Financial officer, which will
consist of: (1)an annual base salary of $550,000; (2) an annual
bonus target percentage equal to 75% of his annual base salary as
provided under the Companys annual executive incentive plan; and
(3)a 2017 long-term incentive target award value of $1,250,000
under the Companys long-term incentive plan.In addition, the
Company will enter into an Agreement for the Payment of Benefits
Following Termination of Employment with Mr.Hallinan in the form
customary for the Companys executives.
Also in connection
with his promotion and to bring the value of his 2017 long-term
incentive to the target value, the Compensation Committee
approved an equity grant to Mr.Hallinan with a value of $600,000,
to be divided equally between performance share awards (PSAs),
restricted stock units (RSUs) and stock options. The RSUs and the
stock options granted to Mr.Hallinan are scheduled to vest
ratably over three years subject to his continued employment with
the Company. The PSAs will only vest if the Company exceeds the
minimum performance goals for the 2017-2019 performance
period.
Item9.01. |
Financial Statements and Exhibits. |
(d) |
Exhibits |
The following
exhibit is being furnished as part of this Current Report on Form
8-K:
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| 99.1 |
Press Release dated June26, 2017, issued by Fortune Brands Home Security, Inc. |
Fortune Brands Home & Security, Inc. ExhibitEX-99.1 2 d417245dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 INVESTOR and MEDIA CONTACT: Brian Lantz 847-484-4574 brian.lantz@FBHS.com FORTUNE BRANDS NAMES PATRICK HALLINAN AS SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER DEERFIELD,…To view the full exhibit click here About Fortune Brands Home & Security, Inc. (NYSE:FBHS)
Fortune Brands Home & Security, Inc. is a holding company. The Company operates through four segments. The Cabinets segment includes custom, semi-custom and stock cabinetry for the kitchen, bath and other parts of the home under brand names, including Aristokraft, Mid-Continent, Diamond, Kitchen Classics, Kitchen Craft, Schrock, Omega, Homecrest, Thomasville, StarMark and Ultracraft. The Plumbing segment manufactures or assembles and sells faucets, bath furnishings, accessories and kitchen sinks and waste disposals under the Moen, Riobel, ROHL, Perrin & Rowe, and Waste King brands. The Doors segment includes residential fiberglass and steel entry door systems under the Therma-Tru brand name and urethane millwork product lines under the Fypon brand name. The Security segment includes locks, safety and security devices and electronic security products under the Master Lock brand name and fire resistant safes, security containers and commercial cabinets under the SentrySafe brand name. Fortune Brands Home & Security, Inc. (NYSE:FBHS) Recent Trading Information
Fortune Brands Home & Security, Inc. (NYSE:FBHS) closed its last trading session down -0.15 at 65.90 with 1,569,623 shares trading hands.