SENSIENT TECHNOLOGIES CORPORATION (NYSE:SXT) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01
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ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
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On February 9, 2017, Sensient Technologies Corporation (Sensient
or the Company) entered into an Executive Employment Contract
(the Employment Agreement) with Mr. Paul Manning, to which Mr.
Manning will continue to serve as the Companys Chairman,
President and Chief Executive Officer. The Employment Agreement
was prepared by outside counsel and reviewed and approved by the
Compensation and Development Committee of the Board of Directors
(Compensation Committee), which consists solely of independent
directors.
The term of the Employment Agreement is for a period of three
years, commencing on the Effective Date (the Term), and shall be
renewable by mutual agreement. The Employment Agreement may be
terminated with or without cause, by the Company or by Mr.
Manning, subject to the rights and obligations contained therein.
During the Term, Mr. Manning will receive an initial annual base
salary of $910,000 and such salary shall be reviewed annually by
the Compensation Committee based on Mr. Mannings performance and
the Companys compensation policies. In addition, Mr. Manning will
be eligible for an annual incentive bonus, payable in cash and/or
equity, based on criteria determined by the Compensation
Committee and shall receive benefits consistent with those
received by other executive officers of the Company.
The above description of the Employment Agreement does not
purport to be complete and is qualified in its entirety by
reference to the Employment Agreement, which is attached hereto
as Exhibit 10.1 to this Current Report on Form 8-K.
On February 2, 2017, the prior Executive Employment Contract
between Sensient and Mr. Manning expired by its terms.
ITEM 9.01 |
FINANCIAL STATEMENTS AND EXHIBITS.
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The following exhibit is furnished with this Current Report on
Form 8-K:
Exhibit 10.1 |
Executive Employment Contract.
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About SENSIENT TECHNOLOGIES CORPORATION (NYSE:SXT)
Sensient Technologies Corporation is a manufacturer and marketer of colors, flavors and fragrances. The Company uses technologies at facilities around the world to develop specialty food and beverage systems, cosmetic and pharmaceutical systems, specialty inks and colors, and other specialty and fine chemicals. The Company’s segments are the Flavors & Fragrances Group and the Color Group, which are managed on a product-and-services basis, and the Asia Pacific Group, which is managed on a geographic basis. The Company’s customers include international manufacturers. The Company’s products include flavors, flavor enhancers and bionutrients; fragrances, aroma chemicals and essential oils; natural ingredients, including dehydrated vegetables and other food ingredients; natural and synthetic food and beverage colors; cosmetic colors and ingredients and pharmaceutical excipients and ingredients, and technical colors, specialty inks and colors, and specialty dyes and pigments. SENSIENT TECHNOLOGIES CORPORATION (NYSE:SXT) Recent Trading Information
SENSIENT TECHNOLOGIES CORPORATION (NYSE:SXT) closed its last trading session up +1.45 at 78.48 with 545,375 shares trading hands.
