|SPECTRUM BRANDS HOLDINGS, INC. filed this Form 8-K on 09/14/2018|
(i) Earned but unpaid units awarded pursuant to the 2017 EIP Award under the Plan (4,018 gross units for Mr. Fagre and 2,318 gross units for Ms. Neu) will vest upon the earlier of the scheduled vesting date under the EIP award agreement or thirty days following the separation date. All remaining units made as part of the 2017 EIP Award will be forfeited upon the separation date.
(ii) The Executive will receive any earned portion of the 2018 EIP Award and the 2018 S3B Award based on actual results; provided that if the minimum performance requirements for such Awards are not met, then such Awards will be forfeited in their entirety.
(iii) Each Executive also acknowledged non-eligibility to participate in the Company’s 2019 incentive programs.
Each Executives’ entitlement to the foregoing consideration is generally subject to that Executive’s continuing compliance with the terms of the respective Separation Agreements, which includes various restrictive covenants, including covenants relating to non-competition, non-solicitation, non-disparagement and confidentiality. Each Executive also agreed to a customary release of potential claims against the Company.
The foregoing description of the Separation Agreements is a summary and is qualified in its entirety by reference to the Separation Agreements, copies of which will be filed with the Company’s Annual Report on Form 10-K for the fiscal year ending September 30, 2018. The filing of this report is not an admission that either Mr. Fagre or Ms. Neu is a “named executive officer” of the Company.
Terry L. Polestina, an independent director of the Company, has been designated by the Company’s Board of Directors as its Lead Independent Director.
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