RENTECH, INC. (NASDAQ:RTK) 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 June 26, 2017, Colin Morris notified Rentech, Inc. (the “Company”) of his intention to resign as the Company’s Senior Vice President, General Counsel and Secretary effective July 7, 2017 in order to accept a new position.
Nicole M. Powe will replace Mr. Morris as the Company’s Senior Vice President, General Counsel and Secretary on July 7, 2017. Ms. Powe, has served as Vice President and Assistant General Counsel of Rentech since May 2015, and prior to that, held various legal related roles at Rentech since April 2007. Ms. Powe has been involved with numerous public and private financings and acquisition transactions of Rentech and its subsidiaries, including the initial public offering and merger of Rentech Nitrogen Partners, L.P., a publicly traded subsidiary of Rentech that was divested in 2016. Prior to joining Rentech, Ms. Powe practiced in the business and finance group of Hogan Lovells from November 2004 to March 2007. From June 2003 to October 2004 Ms. Powe acted as Legal Advisor and Vice President, Wholesale Bank in the New York Branch of Standard Charted Bank, an international banking group headquartered in London. Prior to that, from September 1999 to June 2003 Ms. Powe practiced at Skadden Arps Slate Meagher & Flom, LLP in the Mergers and Acquisitions and Banking and Institutional Investing groups. Ms. Powe received a bachelor of business administration degree in finance from the University of Notre Dame and graduated cum laude from Tulane Law School receiving a Juris Doctor degree.
In connection with Ms. Powe’s promotion to the position of Senior Vice President, General Counsel and Secretary of the Company, the Compensation Committee of the Board of Directors of the Company approved an increase to Ms. Powe’s annual base salary to $270,000 to be effective upon her promotion.
Mr. Morris and the Company have entered into a Separation Agreement dated June 29, 2017 (the “Separation Agreement”) relating to his resignation. Among other things, the Separation Agreement provides that Mr. Morris will (a) receive severance payments totaling approximately $133,000, payable in 11 substantially equal bi-weekly installments, (b) receive bi-weekly payments equal to the premium amounts he would have to pay under COBRA to continue to participate in the Company’s benefits plan for up to six months, and (c) sign a general release and waiver of claims.
About RENTECH, INC. (NASDAQ:RTK)
Rentech, Inc. is a provider of wood fiber processing services, wood chips and wood pellets. The Company’s processing business includes Fulghum Fibres, Inc. (Fulghum), which operates approximately 30 wood chipping mills in the United States and South America. The Company provides wood yard operations services. The Company operates a wood fiber processing business. The Company’s segments include Fulghum Fibres, which involves the operations of Fulghum; Wood Pellets: Industrial, which includes its facilities and wood pellet development activities, and Wood Pellets: New England Wood Pellet, LLC (NEWP), which involves in the operations of NEWP and produces wood pellets for the residential and commercial heating markets in the United States, and it also includes Allegheny Pellet Corporation’s (Allegheny’s) operations.