SPECTRUM BRANDS HOLDINGS, INC. (NYSE:SPB) 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 September 26, 2017, Spectrum Brands Holdings, Inc. (the “Parent”) entered into an amendment (the “Amendment”) to the employment agreement dated January 20, 2016, between the Parent, its wholly owned subsidiary, Spectrum Brands Inc. (the ‘Company”) and David M. Maura, the Executive Chairman of theBoard of Directors of the Parent (the “Board”) (the “Employment Agreement”). The Board and the compensation committee of the Board approved the Amendment.
to the Amendment, notwithstanding anything in the Employment Agreement, Mr. Maura shall be permitted to be an investor, director, officer and/or employee of a special purpose acquisition company.In addition, if during the Non Competition Period (as defined in the Employment Agreement), an opportunityrelated to the Company’s or the Parent’s business (or which is similar to or competitive with a business of the Company or the Parent) is presented to Mr. Maura, whether as a director (in his capacity as a director) or as an employee, then if the Specified Conditions are met, Mr. Maura may pursue such opportunity and be engaged with such activity (whether in connection with the SPAC or any company involved in a business combination with the SPAC or otherwise) and it shall not be deemed a breach of the Employment Agreement or the Company’s or the Parent’s corporate guidelines or the Company’s or the Parent’s articles of incorporation or any other agreement.“Specified Conditions” means that (i) such opportunity is presented to a committee of independent directors of the Board, (ii) the committee determines not to pursue such opportunity and (iii) the committee consents in writing to Mr. Maura pursuing such opportunity for his own benefit (whether through a SPAC or any company involved in a business combination with the SPAC or otherwise).
The foregoing description of the Amendment is a summary and is qualified in its entirety by reference to the terms of such agreement, a copy of which is attached as Exhibit 10.1 to this report on Form 8-K and incorporated by reference herein.
Item 9.01Financial Statements and Exhibits.
(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits.
The following exhibits are being furnished with this Current Report on Form 8-K.
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Exhibit No. |
Description |
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10.1 |
First Amendment to David Maura Employment Agreement dated September 26, 2017 |
Spectrum Brands Holdings, Inc. ExhibitEX-10.1 2 c730-20170929xex10_1.htm EX-10.1 20170929 Maura Agreement EXHIBIT 10.1 First Amendment to the Employment Agreement FIRST AMENDMENT,…To view the full exhibit click here
About SPECTRUM BRANDS HOLDINGS, INC. (NYSE:SPB)
Spectrum Brands Holdings, Inc. (SB Holdings) is a diversified global consumer products company. The Company manufactures, markets and/or distributes its products in approximately 160 countries in the North America (NA); Europe, the Middle East and Africa (EMEA); Latin America (LATAM), and Asia-Pacific (APAC) regions. It has five segments: Global Batteries & Appliances (GBA), Global Pet Supplies (PET), Home and Garden (H&G), Hardware & Home Improvement (HHI) and Global Auto Care (GAC). The Company’s GBA segment includes product categories, such as consumer batteries, small appliances and personal care. The Company’s HHI segment includes product categories, such as lockset, plumbing and hardware. The Company’s PET segment’s product categories include aquatics, companion animal and pet food. The Company’s H&G segment’s product categories include controls, household and repellents. The Company’s GAC segment’s product categories include appearance, performance and A/C recharge.