John Bean Technologies Corporation (NYSE:JBT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 10, 2017, the Board of Directors of John Bean Technologies Corporation (the “Company”) promoted Carlos Fernandez to Executive Vice President, President – Liquid Foods and changed the title of Steven R. Smith to Executive Vice President, President – Protein. Mr. Smith plans to retire from JBT in the 2nd quarter of 2018. A press release announcing these organizational changes is attached hereto as Exhibit 99.1 and incorporated herein by reference.
In connection with Mr. Smith’s retirement, the Company and Mr. Smith intend to enter into a Transition, Separation and General Release Agreement (the “Separation Agreement”). The Separation Agreement will become effective after execution and the expiration of a seven day revocation period, and is expected to provide for: (i) the continuation of Mr. Smith’s employment through his retirement date; (ii) the vesting of Mr. Smith’s existing stock awards in accordance with their terms prior to his retirement date; (iii) the payment of Mr. Smith’s annual bonus for 2017 in accordance with its terms; and (iv) the following payments under the John Bean Technologies Corporation Executive Severance Plan and no other benefits under that plan: 15 times the Company’s portion of Mr. Smith’s current monthly premium for medical and dental coverage, a lump sum payment equal to Mr. Smith’s earned and accrued but unused 2018 vacation, outplacement assistance and a lump sum payment for remaining amounts due to Mr. Smith in 2018 for financial planning and tax preparation assistance. The Separation Agreement includes a standard release of claims by Mr. Smith against the Company and a 24-month non-compete and non-solicitation covenant in favor of the Company and its subsidiaries.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
|
ExhibitNo. |
Description |
|
99.1 |
Press release issued August 16, 2017 |
John Bean Technologies CORP ExhibitEX-99.1 2 foodtechpressreleaseexhibi.htm EXHIBIT 99.1 Exhibit Exhibit 99.1 News Release JBT Corporation70 W. Madison Suite 4400Chicago,…To view the full exhibit click here
About John Bean Technologies Corporation (NYSE:JBT)
John Bean Technologies Corporation (JBT) is a technology solutions provider to the segments of the food processing and air transportation industries. The Company designs, manufactures, tests and services technological systems and products. It operates through two segments. The JBT FoodTech segment designs, manufactures services and food processing systems used for fruit juice production, frozen food production, in-container food production and convenience food preparation, among others by the food industry. The product offerings of its FoodTech businesses include Protein, Liquid Foods and Automated Systems. The JBT AeroTech segment designs, manufactures and services airport ground support and gate equipment and provides services for airport authorities; airlines, airfreight and ground handling companies; the defense contractors, and other industries. The product offerings of its AeroTech businesses include Mobile Equipment, Fixed Equipment and Airport Services.