GCP APPLIED TECHNOLOGIES INC. (NYSE:GCP) 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.
Company) on a Form 8-K filed with the SEC on May 10, 2017, Zain
Mahmood, who served as the Companys President, Specialty Business
Materials and Global Operations, is leaving the Company to pursue
other opportunities. In connection with Mr. Mahmoods departure,
the Company and Mr. Mahmood entered into a Separation Agreement
and General Release (the Separation Agreement) on May 31, 2017.
receive compensation and benefits generally consistent with those
payable upon a termination of employment without cause under the
Companys Severance Plan for Leadership Team Officers, including:
(i) a severance payment in an amount equal to one times his base
salary plus target bonus, payable in a single, lump sum payment;
(ii) an additional payment in consideration for certain
transition services, payable in a single, lump sum payment; (iii)
eligibility for a prorated annual bonus in respect of the
Companys 2017 fiscal year, the amount of which will be determined
based on actual performance for fiscal 2017; (iv) continued
medical, dental and vision coverage for the 24-month period
following his termination of employment; and (v) outplacement
services for the 12-month period following his termination of
employment.
Company under the Separation Agreement, Mr. Mahmood has agreed to
a general release of claims in favor of the Company and has
agreed to be bound by restrictive covenants concerning
noncompetition and nonsolicitation of employees for a 12-month
period following his termination of employment.
qualified in its entirety by reference to the full text of the
Separation Agreement, which is attached hereto as Exhibit 10.1
and incorporated herein by reference.
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Exhibit No.
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Description of Exhibit
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10.1
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Separation Agreement and General Release dated May 31,
2017 between the Company and Zain Mahmood. |
About GCP APPLIED TECHNOLOGIES INC. (NYSE:GCP)
GCP Applied Technologies Inc. (GCP) is engaged in the production and sale of specialty construction chemicals, specialty building materials, and packaging sealants and coatings. The Company operates through three segments: Specialty Construction Chemicals (SCC), Specialty Building Materials (SBM) and Darex Packaging Technologies (Darex). The SCC segment manufactures and markets products to manage the performance of Portland cement, and materials based on Portland cement, such as concrete admixtures and cement additives, as well as concrete production management systems. The SBM segment manufactures and markets building envelope products, residential building products and specialty construction products. The Darex segment manufactures and markets sealants and coatings for use in beverage and food containers, and other consumer and industrial applications. Its brands include ADVA, CBA, SYNCHRO, HEA2, TDA, STRUX, MIRA, ADPRUFE, HYDRODUCT, ADCOR, DARABLEND and APPERTA.
