Summary
This 8-K filing from Arconic Inc. (now Howmet Aerospace Inc.) announces the compensation arrangement for David P. Hess upon his appointment as interim Chief Executive Officer, effective May 17, 2017. Key terms include a monthly salary of $91,667, participation in standard benefit plans, and reimbursement for business and living expenses. The agreement also incorporates confidentiality, non-competition, and non-solicitation clauses, with non-compete provisions extending for one year post-employment under certain conditions. Investors should note that this filing primarily details the interim CEO's compensation and related restrictive covenants. It does not contain information on the company's financial performance, strategic initiatives, or significant operational changes beyond the leadership appointment. The attached Exhibit 10.1 provides the full details of the letter agreement.
Key Highlights
- 1David P. Hess appointed as interim Chief Executive Officer.
- 2Compensation for interim CEO includes a monthly salary of $91,667.
- 3Interim CEO will participate in standard company benefit plans.
- 4Reimbursement for business-related and reasonable living expenses is provided.
- 5An income tax make-whole payment will be made for certain taxable reimbursements.
- 6Confidentiality, non-competition, and non-solicitation agreement signed with the interim CEO.
- 7Non-competition covenants extend for one year post-employment, subject to exceptions.