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.
On August 6, 2018, Trecora Resources (the “Company”) and Mark D. Williamson entered into a separation and release agreement (the “Agreement”) in furtherance of his previously announced resignation as of July 9, 2018. to the Agreement, Mr. Williamson is entitled to a one-time lump sum payment of $250,000, ownership of the vehicle previously assigned to him by the Company, and payment by the Company of the premiums charged for COBRA coverage for him and his immediate family for a period not to exceed 18 months (with this duration agreed to in lieu of cash payment for accrued but unused vacation days), which payments will cease if he earlier obtains health insurance through any subsequent employer.
Mr. Williamson will receive the foregoing payments and benefits provided he does not revoke the Agreement or his release of claims in favor of the Company included therein.
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.
