STEPAN COMPANY (NYSE:SCL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
As previously disclosed in Stepan Company’s (the “Company”) Current Report on Form 8-K filed on August2, 2017, effective as of August15, 2017 (the “Separation Date”), Mr.Scott Mason, Vice President, Supply Chain, retired and separated from the Company.
In connection with Mr.Mason’s departure, the Company and Mr.Mason entered into a Separation Agreement and Release, dated as of August15, 2017 (the “Separation Agreement”). to the Separation Agreement, in consideration of Mr.Mason’s execution, delivery and non-revocation of a general release of claims and his continued compliance with the terms and conditions of the Separation Agreement, Mr.Mason will be entitled to receive the following: (i)a cash amount equal to $397,232, 50% of which will be payable not later than the second regular payroll date occurring on or after the effective date of the release and 50% of which will be payable on the first regular payroll date occurring on or after the six month anniversary of the Separation Date, (ii)a pro-rated portion constituting 62.5% of any 2017 incentive bonus award under the Company’s Management Incentive Plan that would otherwise have been payable to Mr.Mason under such plan had he remained employed with the Company through December31, 2017, (iii) a pro-rated portion constituting 62.5% of any profit sharing award under the Company’s Savings and Investment Retirement Plan that would otherwise have been payable to Mr.Mason under such plan had he remained employed with the Company through December31, 2017, and (iv)accelerated vesting of stock option awards covering 3,832 shares and stock appreciation right awards covering 11,495 shares granted to Mr.Mason during the 2016 calendar year. Mr.Mason’s other equity-based awards will be treated in accordance with the terms and conditions of the applicable Company plans and award agreements to which they were granted.
to the terms of the Separation Agreement, Mr.Mason will be subject to a cooperation covenant that will apply for five years following the Separation Date, non-competition and non-solicitation covenants that will apply for 12 months following the Separation Date and non-disparagement and confidentiality covenants that will apply indefinitely. The foregoing description of the Separation Agreement is qualified in its entirety by reference to the terms of the Separation Agreement, which is filed herewith as Exhibit 10.1 and is incorporated herein by this reference.
| Item 5.02. | Financial Statements and Exhibits. |
(d) Exhibits.
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Exhibit No. |
Description |
| 10.1 | Separation Agreement and Release, dated as of August15, 2017, by and between Stepan Company and Scott Mason |
STEPAN CO ExhibitEX-10.1 2 d442682dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 SEPARATION AGREEMENT AND RELEASE This Separation Agreement and Release (Agreement),…To view the full exhibit click here
About STEPAN COMPANY (NYSE:SCL)
Stepan Company produces specialty and intermediate chemicals, which are sold to other manufacturers and used in a variety of end products. The Company has three segments: Surfactants, Polymers and Specialty Products. The Company’s Surfactants segment offers products, which are principal ingredients in consumer and industrial cleaning products, such as detergents for washing clothes, dishes, carpets, floors and walls, as well as shampoos and body washes. The Company’s Polymers segment includes polyurethane polyols, polyester resins and phthalic anhydride. The Company’s Specialty Products segment includes flavors, emulsifiers and solubilizers used in food, flavoring, nutritional supplement and pharmaceutical applications. Its markets include manufacturers of cleaning and washing compounds, paints, cosmetics, food, beverages, nutritional supplements, agricultural products, plastics, furniture, automotive equipment, insulation and refrigeration.