Huttig Building Products, Inc. (NASDAQ:HBP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On October18, 2017, Gregory W. Gurley, Vice President of Product Management, Marketing and National Accounts of Huttig Building Products, Inc. (the “Company”) announced that he would leave the Company effective December31, 2017. Mr.Gurley, who was named to his position in 2007, will assist in the orderly transition of his responsibilities.
In connection with Mr.Gurley’s departure and his ongoing transition services, the Company and Mr.Gurley entered into a separation agreement to which, among other things, the Company agreed to pay Mr.Gurley severance of $329,862.52, less applicable withholding, payable in equal installments over a three month severance period beginning on January1, 2018 and ending on March31, 2018. The Company agreed to allow continued vesting of restricted stock shares held by Mr.Gurley during the severance period such that 27,461 shares of Company common stock will vest during the three month severance period. All other unvested equity awards held by Mr.Gurley will be forfeited. In exchange for the severance, Mr.Gurley agreed to release the Company of claims and also agreed to covenants of confidentiality, non-solicitation and non-compete.
The foregoing description of the separation agreement is qualified in its entirety by reference to the agreement itself, a copy of which is attached as Exhibit 10.1 hereto and is incorporated herein by reference.
| Item 5.02. | Financial Statements and Exhibits. |
(d) Exhibits
HUTTIG BUILDING PRODUCTS INC ExhibitEX-10.1 2 d480224dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 HUTTIG BUILDING PRODUCTS GREG GURLEY SEPARATION AGREEMENT 1. Greg Gurley (Employee) and Huttig Building Products,…To view the full exhibit click here
About Huttig Building Products, Inc. (NASDAQ:HBP)
Huttig Building Products, Inc. is a domestic distributor of millwork, building materials and wood products used principally in residential construction and in home improvement, remodeling and repair work. The Company purchases from manufacturers and distributes its products through approximately 26 wholesale distribution centers serving over 41 states. The Company’s distribution centers sell principally to building materials dealers, national buying groups, home centers and industrial users, including makers of manufactured homes. The Company’s products are organized into three categories: millwork, which includes doors, windows, molding, stair parts and columns; general building products, which include composite decking, connectors, fasteners, house wrap, roofing products and insulation, and wood products, which include engineered wood products, such as floor systems, as well as wood panels and lumber.