Displaying items by tag: A Schulman

Former A. Schulman CEO Bernard Rzepka was removed by the company back on August 18, 2016. Now, in October, the company is releasing the details of the separation agreement that was reached on Friday, October 14, between Schulman and Rzepka. 

Under that agreement, according to Crain's Akron Business, Rzepka is entitled to the following: 

$1,706,000 in cash severance payments, "with a lump sum payment on the first regular payday following March 25, 2017, in an amount eual to $426,500, and 36 equal semi-monthly installments of $35,541.67 commencing on the first regular payday following March 25, 2017." 

"Two lump sum payments of $853,000 in lieu of cash bonuses, with the payment on the first regular payday following March 25, 2017 and the second payment on the first regular payday following October 31, 2017."

"Pro-rata vesting of outstanding equity awards granted January 13, 2014, January 9, 2015, and January 13, 2016 which had time-based vesting"

"Pro rata vesting of outstanding equity awards granted January 13, 2014, January 9, 2015, and January 13, 2016 which had performance-based vesting."

"Reimbursement for loss incurred in connection with the sale of employee's primary residence in the United States in the amount, if any, that the proceeds from such sale (less reasonable selling expenses and commissions not to exceed $38,000), are less than $680,000, so long as such sale occurs within 18 months."

"Reimbursement in an aggregate amount not to exceed $75,000 for reasonable transition-related expenses incurred by Mr. Rzepka, including but not limited to school tuition transition costs, attorney fees, and tax related professional fees and expenses."

"Outplacement services as determined by mutual agreement."

"Engagement by the company of Deloitte & Touche LLP for tax advisory and tax return preparation services related directly to Mr. Rzepka's employment and separation."