VERSO CORPORATION (NYSE:VRS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On June30, 2017, Peter H. Kesser resigned from his positions as
the Senior Vice President, General Counsel and Secretary of Verso
Corporation (Verso) and as a director and the Senior Vice
President, General Counsel and Secretary of Versos subsidiaries.
On the same date and in connection with his departure, Verso and
Mr.Kesser entered into a separation agreement under which Verso
agreed to provide certain payments and other benefits to
Mr.Kesser. These payments and benefits include the following:
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$624,750, payable in 12 equal monthly installments, as compensation for the performance of his obligations under a confidentiality and non-competition agreement with Verso (the CNC agreement); |
| $357,000 as severance under Versos severance policy; |
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$196,288 as a contribution equivalent to two years of lost retirement benefits to his Verso deferred compensation plan account; |
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$110,943 as a prorated, discounted portion of his target-level annual incentive award payable under Versos incentive plan for 2017; |
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$49,877 (estimate) of premiums and administrative fees for 36 months (6 months fully subsidized and 30months partially subsidized) of continued medical and dental insurance coverage for him and his eligible dependents; |
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$38,805 or a formula-based, to-be-determined amount, whichever is greater, in lieu of the issuance by Verso of 7,761 shares of ClassA common stock upon the accelerated vesting of restricted stock units previously granted to him under Versos performance incentive plan; |
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$31,238 as the second installment of his retention bonus under Versos 2016 retention plan; and |
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at least $81,417 consisting of housing and relocation subsidies and payments in lieu of his prorated 2017 contribution under Versos supplemental salary retirement program, unused vacation time, executive-level outplacement services, a fully paid, two-year individual term life insurance policy, and his remaining allowance under Versos executive financial counseling policy for the current program year. |
The total value of these payments and other benefits is
approximately $1.5million. Mr.Kesser also is entitled to his
accrued, vested benefits under Versos retirement and deferred
compensation plans. Mr.Kesser provided Verso with a release of
claims and agreed to comply with certain non-competition,
non-solicitation
and other covenants under the separation agreement and the CNC
agreement.
The foregoing
summary of the separation agreement between Verso and Mr.Kesser
does not purport to be complete and is subject to, and qualified
in its entirety by, the full text of such agreement, a copy of
which is filed as Exhibit 10.1 to this report and is incorporated
herein by reference.
Item 5.02 |
(d) |
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| 10.1 |
Separation agreement, dated June30, 2017, between Verso Corporation and Peter H. Kesser. |
Verso Corp ExhibitEX-10.1 2 d422031dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 CONFIDENTIAL Verso Corporation 8540 Gander Creek Drive Miamisburg,…To view the full exhibit click here
