INNOPHOS HOLDINGS, INC. (NASDAQ:IPHS) Files An 8-K Termination of a Material Definitive AgreementItem 1.02. Termination of a Material Definitive Agreement.
The disclosure contained in Item 1.02 of this Current Report on Form 8-K pertaining to Jean Marie Mainente’s Executive Employment Agreement, dated July27, 2015 (the “Employment Agreement”), with Innophos Holdings, Inc. (the “Company”), is incorporated herein by reference.
Item 1.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September30, 2017, the Company entered into a Separation Agreement and Release with the Company’s Chief Human Resources Officer, Jean Marie Mainente (the “Separation Agreement”). to the Separation Agreement, Ms.Mainente’s employment with the Company was terminated effective September30, 2017 (the “Effective Date”). As a result of her departure from the Company, her Employment Agreement was terminated as of the Effective Date. Under the terms of the Separation Agreement, Ms.Mainente will receive (i)a lump sum payment of $142,485.50, less applicable withholding and other taxes, representing the 2017 annual bonus at target payable under the Employment Agreement, (ii)continuation of her current base salary of $316,687.34 for 12 months following the Effective Date (the “Severance Period”), (iii)the pro rated amount of the annual bonus at target payable under the Employment Agreement for the portion of the Severance Period in 2018 (equal to $109,479.50), which will be paid no later than March15, 2018, and (iv)continued insurance benefit coverage during the Severance Period. All unvested equity awards granted to Ms.Mainente under the Company’s Long Term Equity Incentive Plan were extinguished as of the Effective Date. The Separation Agreement is subject to revocation on the part of Ms.Mainente no later than October6, 2017.
About INNOPHOS HOLDINGS, INC. (NASDAQ:IPHS)
Innophos Holdings, Inc. is a producer of nutritional specialty ingredients with applications in food, beverage, dietary supplements, pharmaceutical, oral care and industrial end markets. The Company also provides bioactive mineral and nutritional ingredients. Its segments include Specialty Phosphates US & Canada, Specialty Phosphates Mexico, and GTSP & Other. The Specialty Phosphates US & Canada segment and Specialty Phosphates Mexico segment comprises product lines, such as Specialty Ingredients; Food and Technical Grade Purified Phosphoric Acid (PPA), and Technical Grade Sodium Tripolyphosphate (STPP) & Detergent Grade PPA. The GTSP & Other segment includes fertilizer co-product Granular Triple Super Phosphate (GTSP) and other non-specialty phosphate products. It produces a range of botanical, enzyme and mineral-based ingredients through various production processes, including spray drying, roller compactions, grinding, wet granulations, solvent extractions and custom blending.
