Merck 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.
(b) and (e) Mr. Adam Schechter, Executive Vice President and President, Global Human Health, will step down from that position, effective December 31, 2018. to an agreement (the “Agreement”) between the Company and Mr. Schechter, he will thereafter act as a special advisor to the Chairman and Chief Executive Officer, after which he will leave the Company. In connection with the restructuring and elimination of his position, Mr. Schechter will be eligible for benefits under the Company’s U.S. Separation Benefits Plan. Subject to his execution of a general release of claims and continuing compliance with certain restrictive covenants, these benefits provide 78 weeks of separation pay as well as certain health and welfare benefits. In addition, under the Agreement, Mr. Schechter has agreed to a one-year non-competition agreement, in consideration for which the Company will pay Mr. Schechter $1,000,000.