Summary
This 8-K filing from Alcoa Inc. (the former parent company of Howmet Aerospace) on January 28, 2008, primarily reports the departure of Paul D. Thomas, Executive Vice President and Group President of Alcoa Packaging and Consumer Products. Mr. Thomas is leaving Alcoa to join Rank Group Limited, a move that is contingent on the closing of Alcoa's sale of its Packaging and Consumer businesses to Rank Group. The most significant financial detail pertains to Mr. Thomas's retention stock awards. Alcoa and Mr. Thomas agreed that his previously granted restricted stock units, totaling 70,000 shares, will continue to vest according to their original schedule, rather than being partially forfeited upon his departure. These awards are scheduled to be paid out in Alcoa common stock three years from their grant date, providing a continued financial tie to the company for Mr. Thomas.
Key Highlights
- 1Departure of Paul D. Thomas, Executive Vice President – Alcoa and Group President, Alcoa Packaging and Consumer Products.
- 2Mr. Thomas's departure is effective upon the closing of the sale of Alcoa's Packaging and Consumer businesses to Rank Group Limited.
- 3Alcoa agreed to allow Mr. Thomas's special retention stock awards to continue vesting as originally scheduled.
- 4The awards consist of restricted stock units for 70,000 shares of Alcoa common stock.
- 5Vesting continues according to the original schedule, preventing partial forfeiture upon termination.
- 6The awards will be payable in Alcoa common stock three years from the date of grant.