Trecora Resources (NYSE:TREC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The information set forth under Item 8.01 of this Current Report on Form 8-K is incorporated by reference into this Item 5.02.
Item 8.01 Other Events.
On June 7, 2018, Trecora Resources (the "Company") and Connie J. Cook entered into a retirement agreement (the "Agreement"), which became effective on June 13, 2018 following the expiration of a seven-day revocation period, in furtherance of Ms. Cook's previously announced retirement from her position as Vice President of Accounting and Compliance of the Company, effective as of June 8, 2018 (the "Retirement Date"). to the Agreement, Ms. Cook is entitled to the following:
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her current salary and benefits through the Retirement Date; |
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an annual bonus payout under the Trecora Annual Cash Incentive Plan, based on actual 2018 results as will be approved by the Compensation Committee of the Company, calculated pro rata based upon Ms. Cook's time of employment during 2018 and paid in the normal course under the same process that applies to other senior executives; |
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continued welfare benefits for Ms. Cook and her spouse from the Retirement Date until Ms. Cook and her spouse are eligible for Medicare; and |
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a retirement bonus in an amount equal to (i) $1,000.00 for each year Ms. Cook was employed by the Company, plus (ii) $50,000, for a total amount of $77,000. |
Stock option awards held by Ms. Cook that vested prior to the Retirement Date shall remain exercisable through the applicable expiration date. Restricted stock unit awards held by Ms. Cook that have not vested as of the Retirement Date will continue to vest after the Retirement Date through December 31, 2019, in accordance with the original vesting schedule.
Ms. Cook will receive the foregoing payments and benefits provided she complies with the provisions of the Agreement, including customary non-disclosure, non-competition and non-solicitation covenants included therein.
In connection with the Agreement, the Company also entered into a consulting agreement with Ms. Cook under which beginning July 1, 2018 she will provide up to 120 hours per quarter of consulting services to the Company for a monthly fee of $5,000.00, with any additional consulting services to be provided at an agreed upon hourly rate.
About Trecora Resources (NYSE:TREC)
Trecora Resources, formerly Arabian American Development Company, is engaged in manufacturing of specialty petrochemical products and synthetic waxes, and providing custom processing services. The Company operates through two segments: manufacturing of various specialty petrochemical products and manufacturing of specialty synthetic waxes. The specialty petrochemical products segment operates through South Hampton Resources, Inc. (SHR). The specialty synthetic wax segment operates through Trecora Chemical, Inc. (TC). SHR owns and operates a specialty petrochemical facility that produces hydrocarbons and other petroleum-based products, including isopentane, normal pentane, isohexane and hexane. TC produces specialty polyethylene and poly alpha olefin waxes, and provides custom processing services. TC provides custom manufacturing, distillation, blending, forming, and packaging of finished and intermediate products, and wax products for coatings, hot melt adhesives and lubricants.