SUPERIOR INDUSTRIES INTERNATIONAL, INC. (NYSE:SUP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
(b) Effective June30, 2017 (the Separation Date), Kerry Shiba
will no longer serve in his position as Executive Vice President
and Chief Financial Officer of Superior Industries International,
Inc. (Superior). to the terms of a separation agreement between
Superior and Mr.Shiba (the Separation Agreement) (and subject to
certain conditions set forth therein), Mr.Shiba will receive his
base salary through the Separation Date, a lump sum severance
payment of $420,000.00 (less applicable withholdings) and his
short-term incentive plan payment for 2017, if any, on or around
March14, 2018. Mr.Shiba will be eligible to receive an annual
bonus for 2017, subject to attainment of performance goals,
determined by Superiors independent Compensation and Benefits
Additionally, Mr.Shiba has agreed to be available to answer
questions from Superior after the Separation Date until
December31, 2017 (the Transition Period). Throughout the
Transition Period, Mr.Shiba will receive a monthly payment of
The foregoing summary is qualified in its entirety by reference
to the full text of the Separation Agreement, which is attached
hereto as Exhibit 10.1 and incorporated by reference herein.
(c) Additionally, on June30, 2017, Superior appointed Nadeem Moiz
as its Executive Vice President and Chief Financial Officer,
effective July1, 2017.
Mr.Moiz, 46, was previously the Senior Vice President and Chief
Financial Officer at Direct ChassisLink Inc. from 2013 to
2017.Prior to that, Mr.Moiz was the Vice President of Finance
Strategic Planning and Supply Chain Finance from 2011 to 2013,
Vice President of Finance Strategic Planning from 2007 to 2011
and Director of Corporate Financial Analysis from 2004 to 2007 at
Graphic Packaging International (GPI).Before joining GPI, Mr.Moiz
was the Senior Manager of Supply Chain Quality from 2003 to 2004
and the Manager of Corporate Strategy, Mergers Acquisitions from
2001 to 2003 at Chrysler LLC. Mr.Moiz holds a Bachelor of Science
degree in Accounting from the University of Florida and a Master
of Business Administration degree in Finance from Florida AM
University.Mr.Moiz is also a Certified Public Accountant and
Certified Global Management Accountant.
There are no family relationships between Mr.Moiz and any of the
directors and executive officers of Superior, nor are there
transactions in which Mr.Moiz has an interest requiring
disclosure under Item 404(a) of Regulation S-K.
Mr.Moiz will receive an annual base salary of $405,000.00.
Mr.Moiz may receive annual bonuses based on attainment of
performance goals, determined by Superiors independent
Compensation and Benefits Committee, in the amount of 65% of
annual base salary. Mr.Moiz will also be eligible to participate
in Superiors 2017-2019 Long Term Incentive Plan, as administered
by Superiors Compensation and Benefits Committee, upon approval
of the Compensation and Benefits Committee and Board of
Directors, up to 90% of his base salary.
Mr.Moiz is entitled to participate in all benefit plans generally
made available to executive officers of Superior.
Section8 Other Events
On June30, 2017, Superior announced the appointment of Mr.Moiz as
Executive Vice President and Chief Financial Officer of Superior.
A copy of the press release announcing the appointment of Mr.Moiz
is attached as Exhibit 99.1 to this current report. Such press
release shall not be deemed filed for purposes of Section18 of
the Securities Exchange Act of 1934 (the Exchange Act) or
otherwise subject to the liabilities under that Section and shall
not be deemed to be incorporated by reference into any filing of
the Registrant under the Securities Act of 1933 or the Exchange
Item9.01 Financial Statements and Exhibits
Separation Agreement, dated June30, 2017, between Superior
Industries International, Inc. and Kerry Shiba.
|99.1||Press Release, dated June30, 2017.|
SUPERIOR INDUSTRIES INTERNATIONAL INC ExhibitEX-10.1 2 d345460dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 SEPARATION AGREEMENT AND GENERAL RELEASE This Separation Agreement and General Release (Agreement or Release) is entered into by and between Superior Industries International,…To view the full exhibit click
here About SUPERIOR INDUSTRIES INTERNATIONAL, INC. (NYSE:SUP)
Superior Industries International, Inc. is engaged in the design and manufacture of aluminum wheels for sale to original equipment manufacturers (OEMs). The Company supplies cast aluminum wheels to automobile and light truck manufacturers, with wheel manufacturing operations in the United States and Mexico. The Company offers wheels in a range of finishes, which include Bright Machined, Polished Face with Painted Window, Fully Painted, Premium Paint, Polished, Chrome Clad and Mirror Finish Ultra Bright Machining. The Company’s products, which are manufactured in its North American facilities, are delivered primarily to automotive assembly operations in North America for global OEMs. Its OEM aluminum wheels are primarily sold for factory installation, as either optional or standard equipment, on various vehicle models. As of December 31, 2015, the Company operated five manufacturing facilities in the United States and Mexico.