OMNOVA SOLUTIONS INC. (NYSE:OMN) 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 Principal Officers; Election of Directors; Appointment of Principal Officers
In connection with its ongoing “One OMNOVA” program to accelerate its specialization strategy by reducing complexity and driving consistency across its global enterprise, on January 11, 2018, OMNOVA Solutions Inc. (the “Company”) informed Mr. Jay T. Austin, a named executive officer in the Company's 2017 proxy statement, that the position of Senior Vice President, Global Operations and Supply Chain has been eliminated. Mr. Austin’s separation constitutes an "Involuntary Separation from Service" under the terms of the Company's Corporate Officers' Severance Plan (the "Plan"), in which Mr. Austin is a participant. Under the Plan, Mr. Austin will be entitled to receive: (1) twelve months of salary continuation, (2) twelve months of continued health and life insurance benefits at no cost, (3) reimbursement for reasonable executive outplacement assistance for up to twelve months, and (4) benefits that have already been accrued for Mr. Austin under the Company's various incentive, benefit, and retirement plans. In addition to the benefits available under the Plan, Mr. Austin’s outstanding time-based equity grants will be accelerated in accordance with the terms and conditions of the applicable equity award agreements and plans, and he will receive assistance in offsetting the cost of continuing his medical benefits under COBRA once health insurance continuation under the Plan expires. Mr. Austin’s receipt of these benefits is conditioned upon his delivering to the Company a complete release of claims (to the extent permitted by law) and his agreement to confidentiality, non-solicitation, and other customary covenants.
About OMNOVA SOLUTIONS INC. (NYSE:OMN)
OMNOVA Solutions Inc. (OMNOVA) is a provider of emulsion polymers, specialty chemicals and engineered surfaces for commercial, industrial and residential end uses. The Company operates in two segments: Performance Chemicals and Engineered Surfaces. OMNOVA Performance Chemicals segment produces a range of emulsion polymers and specialty chemicals based primarily on styrene butadiene (SB), styrene butadiene acrylonitrile (SBA), styrene butadiene vinyl pyridine, nitrile butadiene (NBR), polyvinyl acetate, acrylic, styrene acrylic, vinyl acrylic, glyoxal, fluorochemical and bio-based chemistries. The Company’s Engineered Surfaces segment develops, designs, produces and markets a line of functional and decorative surfacing products, including coated fabrics, vinyl, paper and specialty laminates, and performance films. It operates production facilities in the United States, Europe, China and India.