SCHWEITZER-MAUDUIT INTERNATIONAL, INC. (NYSE:SWM) 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.
Appointment of New Chief Accounting Officer
On March 29, 2019 Schweitzer-Mauduit International, Inc. (the “Company”) announced that it has named Michael L. Schmit, as Corporate Controller and Chief Accounting Officer of the Company, effective as of April 22, 2019 or another mutually agreeable date (the “Start Date”). Mr. Schmit, 46, has served as Chief Accounting Officer and Corporate Controller of Chart Industries, Inc. (NASDAQ:GTLS), a manufacturer of cryogenic equipment used in the production, storage and distribution of liquefied gases, from 2018 to present. Prior to that he served as Assistant Corporate Controller and then as Corporate Controller at Chart. From 2007 through 2017, he served in various finance and accounting leadership roles at Georgia-Pacific, LLC, including Controller of Corporate Accounting, Division Controller, Gypsum and Chemicals, and Director, Internal Audit, respectively. Prior to joining Georgia-Pacific Mr. Schmit served as the Director of Financial Reporting at Arby’s Restaurant Group and also served as a manager at Ernst & Young, LLP.
In connection with his appointment as Corporate Controller and Chief Accounting Officer, Mr. Schmit and the Company agreed to an offer letter concerning his employment (the “Offer Letter”), dated March 26, 2019. to the Offer Letter, Mr. Schmit will receive an annual base salary of $270,000. Upon completion of 30 days of employment, Mr. Schmit will receive a grant of 3,000 shares of restricted stock with a four-year vesting period, subject to his continued employment with the Company through the applicable vesting date.
Effective as of the Start Date, Mr. Schmit will be eligible to participate in the Company’s Annual Incentive Plan (“AIP”) as well as the Company’s 2015 Long-Term Incentive Plan (“LTIP”). His 2019 AIP payout opportunity will be equal to 45% of his base salary at the target level of performance, with a maximum payout opportunity equal to 90% of his base salary. His 2019 LTIP opportunity will be equal to 55% of his base salary at the target level of performance, with a maximum payout opportunity equal to 110% of his base salary, prorated based on the Start Date.
The foregoing summary of the Offer Letter does not purport to be complete and is qualified in its entirety by the full text of the Offer Letter itself, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits.
(a)Exhibits.
|
Exhibit |
Description |
|
10.1 |
Letter of Agreement, dated March 26, 2019, between Schweitzer-Mauduit International, Inc. and Michael L. Schmit |
SCHWEITZER MAUDUIT INTERNATIONAL INC Exhibit
EX-10.1 2 mikeschmitofferletterfin….
To view the full exhibit click here
About SCHWEITZER-MAUDUIT INTERNATIONAL, INC. (NYSE:SWM)
Schweitzer-Mauduit International, Inc. is a producer of specialty papers and resin-based products. The Company manufactures and sells lightweight specialty papers, which are used in manufacturing ventilated cigarettes, reconstituted tobacco used in producing blended cigarettes and banded papers used in the production of lower ignition propensity (LIP) cigarettes. The Company operates through two segments: Engineered Papers, and Advanced Materials and Structures. Its Engineered Papers segment produces both tobacco-related papers and non-tobacco-related papers. The Company’s tobacco-related papers include various porous papers used to wrap parts of a cigarette, such as tobacco column and filter, and reconstituted tobacco leaf (RTL), which is blended with virgin tobacco in a cigarette. It manufactures and sells a range of engineered resin-based, rolled goods, such as films, nets, foams and other non-wovens. The Company operates approximately 20 production locations.