Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e) On January 17, 2020, Newell Brands Inc. (the "Company") announced that
Russell Torres, Group President, would be leaving the Company on March 8, 2020
(the "Separation Date"). In connection with his departure, on January 16, 2020
Mr. Torres and the Company entered into a separation agreement (the "Separation
Agreement") pursuant to which he agreed to a customary release and restrictive
covenants. The Separation Agreement entitles Mr. Torres to receive certain
payments and benefits after the Separation Date including but not limited to
continued vesting of the portion of his May 2018 restricted stock unit award
scheduled to vest in May 2020 and payment within sixty days of the Separation
Date of the remaining installment of his May 2018 cash retention bonus, equaling
$375,000. The foregoing summary is qualified in its entirety by reference to the
Separation Agreement, a copy of which is attached as Exhibit 10.1 hereto and is
incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No. Description
10.1 Separation Agreement and General Release, dated January 16, 2020,
by and between Newell Brands Inc. and Russell Torres
104 Cover Page Interactive Data File (formatted as inline XBRL and
contained in Exhibit 101)
2
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