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 Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective December 9, 2019, David Fishbein will no longer serve as the Executive Vice President and Chief Marketing Officer of Huttig Building Products, Inc. (the “Company”).
In accordance with the terms of Mr. Fishbein’s Amended and Restated Executive Agreement dated March 5, 2018 and additional consideration, the Company agreed to pay Mr. Fishbein a severance payment equal to $541,500 and an amount equal to 12 months of COBRA premium payments for medical, dental and vision benefits consistent with Mr. Fishbein’s actual coverage (collectively, the “Termination Benefits”), subject to covenants of confidentiality of the Company’s information, a one year covenant not to compete and not to solicit the Company’s customers, vendors or employees and the execution of a release agreement (the “Separation Agreement”). Mr. Fishbein received an initial equity grant of 58,480 time-vested shares of Company restricted stock (the “Restricted Shares”), scheduled to vest on November 14, 2021; provided that if Mr. Fishbein was terminated without cause prior to such date then the Restricted Shares would become fully vested on the date of his termination. Accordingly, the Restricted Shares became fully vested effective December 9, 2019 upon Mr. Fishbein’s termination.
Mr. Fishbein and the Company entered into the Separation Agreement effective as of December 9, 2019. to the Separation Agreement, among other things, the Company agreed to provide the Termination Benefits and Mr. Fishbein agreed to release the Company of all claims. The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by the full text of the agreement itself, a copy of which is expected to be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ending December 31, 2019.
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.