Summary
Ecolab Inc. (ECL) has filed a Current Report on Form 8-K, effective December 31, 2005, detailing an amendment to a transition agreement with Allan L. Schuman. The amendment primarily extends Mr. Schuman's role as non-employee Chairman of the Board until the company's 2006 Annual Meeting of Stockholders, expected around May 12, 2006. Following this meeting, Mr. Schuman is set to retire from the Board. This extension allows for continued leadership and experience during a transition period.
Key Highlights
- 1Amendment No. 1 to Transition Agreement entered into with Allan L. Schuman.
- 2Allan L. Schuman to continue as non-employee Chairman of the Board until Ecolab's 2006 Annual Meeting of Stockholders.
- 3Mr. Schuman's retirement from the Board is scheduled after the 2006 Annual Meeting.
- 4Mr. Schuman will receive pro rata compensation for his continued service at the same rate as in 2005.
- 5The agreement ensures continuity of leadership from a key executive during a defined transition period.
- 6The filing is an 8-K, indicating a material event for the company.
Frequently Asked Questions
The main purpose of this filing is to announce an amendment to a transition agreement with Allan L. Schuman, extending his role as non-employee Chairman of the Board and detailing his compensation for this extended service.
Allan L. Schuman is the non-employee Chairman of the Board of Ecolab Inc. The filing indicates he will continue in this role until the company's 2006 Annual Meeting of Stockholders.
Mr. Schuman is scheduled to retire from the Board of Directors following Ecolab's 2006 Annual Meeting of Stockholders, which is currently anticipated to be held on or around May 12, 2006.
Mr. Schuman will be compensated for his continued service as Chairman of the Board at the same pro rata amount as he received for his services in 2005.