01—Abstract
Summary
Summary of the 8-K filed January 4, 2006. Cited figures are marked; the original filing is the authoritative source.
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.
02—Key points
Key Highlights
- Amendment No. 1 to Transition Agreement entered into with Allan L. Schuman.
- Allan L. Schuman to continue as non-employee Chairman of the Board until Ecolab's 2006 Annual Meeting of Stockholders.
- Mr. Schuman's retirement from the Board is scheduled after the 2006 Annual Meeting.
- Mr. Schuman will receive pro rata compensation for his continued service at the same rate as in 2005.
- The agreement ensures continuity of leadership from a key executive during a defined transition period.
- The filing is an 8-K, indicating a material event for the company.
03—Questions
Frequently Asked Questions
What is the main purpose of this 8-K filing?
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.
Who is Allan L. Schuman and what is his role at Ecolab?
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.
When will Allan L. Schuman retire from the Board?
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.
How will Mr. Schuman be compensated for his continued service?
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.
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