NEENAH PAPER, INC. (NYSE:NP) 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.
restated the Neenah Executive Severance Plan (the Plan) to be
effective as of April 1, 2017. The primary purposes of the Plan
are to amend and restate the terms of the prior version of the
Plan, to enhance recruitment and retention of key executives, and
provide continuity in Neenah Paper, Inc. (Neenah) in the event of
a change of control.
terminations of employment and also categorizes the participating
officers as either Tier 1, Tier 2 or Tier 3 Participants, with
varying benefit amounts provided to the different officers. All
named executive officers are currently in the Tier 1 category.
Neenah and its Affiliates (capitalized terms not otherwise
defined herein shall have the meanings ascribed to them in the
Plan) who are executive officers designated as eligible by the
Compensation Committee or other employees designated as eligible
by the Chief Executive Officer.
event of a termination of an eligible officers employment either
involuntarily by Neenah without Cause or by the officer for Good
Reason (either, a Qualifying Termination).
years following a Change of Control, the Plan provides that each
named executive officer will be entitled to a lump sum payment of
(i) two times his or her annual base salary; (ii) the amount of
bonus under Neenahs Management Incentive Plan that he or she has
earned through the date of the Change of Control plus two times
his or her target annual bonus; (iii) any profit-sharing
contributions or pension plan benefits forfeited as a result of
such termination; (iv) the amount of profit-sharing contributions
or pension plan benefits such officer would have received under
the qualified and supplemental retirement plans but for his or
her termination for the twoyear period following his or her
termination; and (v) the cost of medical and dental COBRA
premiums for a period of two years. In addition, the officer will
become fully vested in his or her account under the Neenah Paper
Deferred Compensation Plan and in any awards under the Amended
and Restated Neenah Paper, Inc. 2004 Omnibus Stock and Incentive
Plan.
not occur within two years after a Change of Control, the named
executive officer will be entitled to a lump sum payment equal to
one and one-half times his or her base salary.
at any time, each named executive officer will be eligible to
receive reimbursement for outplacement services for a period of
two years, in an amount not to exceed $50,000.
indemnity relating to payments under the Plan. The Plan also
provides for reduction of the aggregate compensation due to an
eligible officer to avoid triggering excise taxes on golden
parachute payments under Section 4999 of the Internal Revenue
Code and regulations thereunder, but only if the reduction
would result in the officer retaining a larger after-tax amount
than he or she would otherwise receive if the full amount was
paid and the excise tax applied. No severance benefits are
payable under the Plan unless an irrevocable general release of
claims is executed by the eligible officer.>
Executive Severance Plan is not intended to be complete and is
qualified in its entirety by reference to the complete text of
the Plan attached as Exhibit 10.1 to this Form 8-K and
incorporated herein by reference.
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Exhibit No.
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Description
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10.1
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Executive Severance Plan, as amended and restated
effective as of April 1, 2017 |
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About NEENAH PAPER, INC. > (NYSE:NP)
Neenah Paper, Inc. is a producer of technical products and premium fine papers and packaging. The Company has two primary businesses: technical products business, and fine paper and packaging business. Its segments consist of Technical Products, Fine Paper and Packaging, and Other. The technical products business is an international producer of transportation, water and other filter media and durable, saturated and coated substrates. The fine paper and packaging business is a supplier of printing and other specialty papers in North America. Its technical products manufacturing facilities are located near Munich, Germany, in Bolton, England, in Munising, Michigan and in Pittsfield, Massachusetts. In addition, certain technical products are manufactured along with fine paper and packaging products in shared facilities located in upstate New York and Quakertown, Pennsylvania. JET-PRO SofStretch, KIMDURA, GESSNER, PREVAIL, NEENAH and GESSNER are brands of its technical products business. NEENAH PAPER, INC. > (NYSE:NP) Recent Trading Information
NEENAH PAPER, INC. > (NYSE:NP) closed its last trading session up +1.10 at 78.15 with 55,134 shares trading hands.