HEXCEL CORPORATION (NYSE:HXL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Payments to an Executive under the Severance Agreement are contingent upon the Executive’s execution of a release, in form and substance satisfactory to us, releasing us from any and all claims arising out of or in connection with the termination of employment, and in lieu of any claim to further compensation for periods subsequent to the date of termination. In addition, each Executive agreed to non-competition, non-solicitation, assignment of inventions and confidentiality covenants, and we and each executive agreed to a mutual non-disparagement covenant.
The Severance Agreement provides that we will provide to the Executive such other benefits to which he or she is entitled under the terms of our benefit plans, programs or arrangements.
The Severance Agreement generally defines “Good Reason” as a termination by the executive after a reduction of more than 10% in the Executive’s annual total direct compensation (the sum of the executive’s annual base salary, annual target award under the MICP, and grant date value of an annual equity award under our Incentive Stock Plan) as in effect on the date of the Severance Agreement or as such compensation may be increased from time to time, except to the extent of across-the-board reductions affecting all of our similarly situated officers.
The foregoing description of the Severance Agreements is qualified in its entirety by reference to the actual terms included in the form of those documents, copies of which are attached as Exhibits 99.1 and 99.2 hereto and are incorporated herein by reference.
|Item 5.02||Financial Statements and Exhibits.|
The following exhibits are filed with this report:
HEXCEL CORP /DE/ ExhibitEX-99.1 2 d472004dex991.htm EX-99.1 EX-99.1 EXHIBIT 99.1 OFFICER SEVERANCE AGREEMENT This SEVERANCE AGREEMENT between HEXCEL CORPORATION,…To view the full exhibit click
About HEXCEL CORPORATION (NYSE:HXL)
Hexcel Corporation is a composites company. The Company develops, manufactures and markets structural materials, including carbon fibers, reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, adhesives, engineered honeycomb and composite structures for use in commercial aerospace, space and defense and industrial markets. It operates through two segments, including Composite Materials and Engineered Products. The Composite Materials segment consists of its carbon fiber, reinforcements, resins, prepregs and other fiber-reinforced matrix materials, and honeycomb core product lines. The Engineered Products segment consists of lightweight composite structures, molded components, engineered core and honeycomb products with added functionality. Its products are used in a range of end applications, such as commercial and military aircraft, space launch vehicles and satellites, wind turbine blades, automotive, recreational products and other industrial applications.