FOUNDATION BUILDING MATERIALS, INC. (NYSE:FBM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

FOUNDATION BUILDING MATERIALS, INC. (NYSE:FBM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Story continues below

Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.

On March 28, 2017, Foundation Building Materials, LLC, a
wholly-owned subsidiary of Foundation Building Materials, Inc.
(the Company), entered into an agreement with Barbara J. Bitzer
in respect of Ms. Bitzers service as the Companys Chief
Accounting Officer and Senior Controller (the Agreement). Ms.
Bitzer is expected to commence employment with the Company on
April 10, 2017.
to the Agreement, Ms. Bitzers annual base salary will be
$275,000, and she may be eligible to earn an annual cash
performance bonus based upon the achievement of performance
targets established by the Companys Board of Directors or a
committee thereof. Ms. Bitzer will also receive an equity award
with an anticipated grant date fair value of approximately
$150,000. Finally, Ms. Bitzer will be entitled to participate in
all Company benefit plans that are generally available to
similarly situated senior executives.
If Ms. Bitzers employment is terminated by the Company without
cause or on her own accord with good reason, each as defined in
the Agreement, Ms. Bitzer will be entitled to receive her base
salary for a period of six months following termination, with
such payments contingent upon (i) Ms. Bitzers execution of a
general release in favor of the Company, and (ii) Ms. Bitzers
compliance with various restrictive covenants set forth in the
Agreement.
The Agreement includes provisions concerning protection of
confidential information and assignment of intellectual property,
as well as standard non-solicitation and non-disparagement
restrictions in favor of the Company.
The foregoing summary of Ms. Bitzers Agreement is not complete
and is qualified in its entirety by reference to the complete
text of the Agreement, a copy of which is filed herewith as
Exhibit 99.1 and incorporated herein by reference.
Before joining the Company, Ms. Bitzer, age 50, served as Vice
President Controller of Calumet Specialty Products Partners,
L.P., a publicly traded manufacturer of oils, solvents and waxes,
since December 2015. Prior to Calumet, Ms. Bitzer served as Vice
President, Global Controller and Chief Accounting Officer of Remy
International, Inc., a manufacturer and remanufacturer in the
automotive, heavy duty and transportation industry, from December
2010 to November 2015. Previously, Ms. Bitzer was owner and
Principal of Simons Bitzer Associates, PC and a Senior Auditor at
Arthur Andersen LLP. Ms. Bitzer attended the University of
Evansville where she received a Bachelor of Science in
Accounting. Ms. Bitzer is also a licensed CPA in the State of
Indiana.
Ms. Bitzer does not have any family relationship with the
Companys executive officers or directors, nor has she engaged in
any related party transaction with the Company that would require
disclosure to Item 404(a) of Regulation S-K.
Item 9.01. Financial Statements and Exhibits
(d)
Exhibits.
Exhibit
Number
Description
99.1
Agreement by and between Foundation Building Materials,
LLC and Barbara J. Bitzer, dated as of March 28, 2017.


About FOUNDATION BUILDING MATERIALS, INC. (NYSE:FBM)

Foundation Building Materials, Inc. is a specialty distributor of wallboard and suspended ceiling systems in the United States and Canada. The Company’s segments include Specialty Building Products and Mechanical Insulation. The Company fabricates and distributes its products for specialty contractors seeking to improve or maintain energy efficiency in a range of commercial and industrial buildings. It serves markets across the United States and in Canada. Specialty building products segment distributes wallboard and accessories, metal framing, suspended ceiling systems and other products. Other products include stucco and Exterior insulation and finish system (EIFS), as well as offerings, such as tools, safety accessories and fasteners. Its Mechanical insulation segment includes insulation solutions for pipes and mechanical systems and the primary end markets served are new non-residential construction, non- residential repair and remodel construction and industrial markets.

FOUNDATION BUILDING MATERIALS, INC. (NYSE:FBM) Recent Trading Information

FOUNDATION BUILDING MATERIALS, INC. (NYSE:FBM) closed its last trading session up +0.79 at 16.35 with 602,755 shares trading hands.

An ad to help with our costs