REXNORD CORPORATION (NYSE:RXN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
On June 11, 2018, in view of the planned divestiture of the VAG operations of Rexnord Corporation (the “Company”), the Company and Matthew J. Stillings, Group Executive, President – Water Management Platform, mutually agreed that Mr. Stillings would end his employment effective June 30, 2018. Following Mr. Stillings’ departure from the Company, and in accordance with the Company’s Executive Severance Plan, he will receive a separation payment equal to $453,200, his current base salary, payable in installments over a 12-month period and certain other benefits. The Executive Severance Plan is described in the Company’s Definitive Proxy Statement for its fiscal 2019 Annual Meeting of Stockholders, which was filed with the Securities and Exchange Commission on June 11, 2018.
The Company also entered into an Agreement and General Release with Mr. Stillings, which, among other things, provides for a release of any claims. The Agreement and General Release is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01Financial Statements and Exhibits
(d)Exhibits
Rexnord Corp ExhibitEX-10.1 2 exhibit101agreementandgene.htm EXHIBIT 10.1 Exhibit Agreement and General ReleaseThis Agreement and General Release (the “Agreement”) is effective as of the latest date signed by Matthew J. Stillings (“Executive” or “you”) and Rexnord Corporation,…To view the full exhibit click here
About REXNORD CORPORATION (NYSE:RXN)
Rexnord Corporation is a multi-platform industrial company. The Company operates through two segments: Process & Motion Control platform, and Water Management platform. The Process & Motion Control platform designs, manufactures, markets and services a range of engineered mechanical components used within systems. The Process & Motion Control portfolio includes motion control products, shaft management products, aerospace components and related value-added services. Its Process & Motion Control brands include Rexnord, Rex, Euroflex, Falk, FlatTop, Link-Belt, Thomas and Tollok. The Water Management platform designs, procures and markets products that provide and enhance water quality, safety, flow control and conservation. The Water Management product portfolio includes professional grade water control and safety, water distribution and drainage, finish plumbing and site works products. Its products are marketed and sold under various brand names, including Zurn, Wilkins and VAG.
