PPG INDUSTRIES, INC. (NYSE:PPG) 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.
As previously reported, Jean-Marie Greindl resigned as Senior Vice President, Architectural Coatings and President, PPG EMEA of PPG Industries, Inc. (the “Company”), effective January9, 2019, and his last day of employment with the Company will be April 30, 2019.
In connection with his departure, on March 28, 2019 the Company and Mr.Greindl entered into a Post-Termination Agreement (the “Agreement”). Under the Agreement, Mr.Greindl will receive a lump-sum payment of 127,008 Swiss francs representing his bonus for 2018 and a lump-sum payment of 108,000 Swiss francs representing a pro-rated bonus for the period January 1, 2019 through April 30, 2019. In addition, Mr. Greindl will receive a lump-sum separation payment of 1,604,666 euros in accordance with the terms of his Employment Agreement. Mr. Greindl’s previously awarded stock options, restricted stock units and total shareholder return contingent shares will vest in accordance with their terms. If the aggregate value of all such equity awards is less than $438,145.91 at the time that all such awards have vested, the Company has agreed to pay the difference to Mr. Greindl. The Company has also agreed to reimburse Mr. Greindl for the cost of certain continuing education courses, tax consulting services and legal fees incurred in connection with the negotiation of the Agreement.
About PPG INDUSTRIES, INC. (NYSE:PPG)
PPG Industries, Inc. (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses. The Industrial Coatings segment consists of the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, and specialty coatings and materials businesses. Industrial, automotive OEM, packaging coatings, and specialty coatings and materials products are formulated specifically for the customers’ needs and application methods. The Glass segment consists of the flat glass and fiberglass businesses. The Company’s brands include SIKKENS, PPG PITTSBURGH PAINTS, MULCO, FLOOD, LIQUID NAILS, SICO, CIL, RENNER, TAUBMANS, WHITE KNIGHT and BRISTOL.
