SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

TMCNet:  CVR ENERGY INC FILES (8-K) Disclosing Change in Directors or Principal Officers

[January 07, 2014]

CVR ENERGY INC FILES (8-K) Disclosing Change in Directors or Principal Officers

(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) Compensatory Arrangements of Certain Officers On December 31, 2013, CVR Energy, Inc. (the "Company") entered into amendments (the "Amendments") of the employment agreements (as amended, each agreement, an "Employment Agreement" and together, the "Employment Agreements"), with each of Susan M. Ball, Edmund S. Gross and Robert W. Haugen. Ms. Ball and Messrs. Gross and Haugen are each named executive officers of the Company (each, an "NEO" and together, the "NEOs"). Except as provided below, the terms of the Employment Agreements are substantially consistent with the terms of the NEOs' existing agreements, as amended to date.


• The term of each NEO's employment was extended through the first to occur of (i)(X) December 31, 2014 with respect to Messrs. Gross and Haugen and (Y) December 31, 2015 with respect to Ms. Ball and (ii) the termination or resignation of the NEO's employment in accordance with the terms of the Employment Agreement.

• With respect to post-termination payments in the event of an NEO's termination by the Company other than for Cause or Disability or an NEO's resignation for Good Reason (as each term is defined in the Employment Agreement), rather than receiving salary continuation and welfare benefits for 12 months following termination, each NEO will receive salary continuation and welfare benefits for the lesser of (A) 12 months and (B) the remainder of the term of the Employment Agreement.

• With respect to post-termination payments in the event of (i)(X) Mr.

Gross's or Ms. Ball's termination by the Company other than for Cause or Disability or (Y) Mr. Gross's or Ms. Ball's resignation for Good Reason, in each case within the one-year period following a Change in Control (as defined in the Employment Agreements and modified as described below) or (ii) a Change in Control Related Termination (as defined in the Employment Agreements) of Mr. Gross or Ms. Ball, rather than receiving (A) an additional 12 months base salary, (B) a payment equal to 1/12 of the target Annual Bonus (as defined in the Employment Agreements) each month for two years following such a termination and (C) an additional 12 months of welfare benefits, Mr. Gross and Ms. Ball will receive a payment equal to 1/12 of the target Annual Bonus each month during the Severance Period (as defined in the Employment Agreements and modified as described above).

• The Retirement age for Ms. Ball and Mr. Haugen was raised from 62 to 65.

• The definition of "Change in Control" has been revised to reflect the Company's ownership by IEP Energy LLC.

2 --------------------------------------------------------------------------------

[ Back To Technology News's Homepage ]

OTHER NEWS PROVIDERS







Technology Marketing Corporation

800 Connecticut Ave, 1st Floor East, Norwalk, CT 06854 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2014 Technology Marketing Corporation. All rights reserved | Privacy Policy