ESV Ensco Plc New

ENSCO PLC (ESV) filed a Form 8K - Changes in Company Executive Management - with the U.S Securities and Exchange Commission on January 26, 2016.

On January 26, 2016, the Board of Directors of Ensco plc (the "Company") adopted a form of change in control severance agreement (the "Agreement") for the Company's executive officers, including P. Carey Lowe, Jonathan Baksht and Steven J. Brady. Under the terms of the Agreement, if a change in control occurs and the Company terminates the applicable executive's employment, other than for cause, or the executive terminates employment for good reason, in either case during the three months preceding or twelve months following the date of the change of control, the executive will be entitled to the following:

* a payment of the executive's base salary and all other earned but unpaid cash compensation or entitlements due to the executive through (and including) the executive's termination date, including any unused accrued vacation pay and reimbursable business expenses in accordance with the policies, standards and/or procedures maintained by the Company for such purposes;

* a lump sum payment equal to the sum of: (a) the executive's annual base salary through the date of termination, (b) an amount equal to two times (in the case of Mr. Lowe) or one times (in the case of Messrs. Baksht and Brady) the executive's highest annual base salary in effect at any time within 12 months preceding the change in control, and (c) an amount equal to two times (in the case of Mr. Lowe) or one times (in the case of Messrs. Baksht and Brady) the executive's target bonus under the Company's cash incentive plan for the year in which the change in control occurs; and

* continued group health plan coverage at the same rate that is then being charged to similarly-situated active employees for a period of one year following the termination of employment, provided such obligation is terminated during any period in which the applicable executive is eligible for group medical coverage provided by another employer.

Prior to the receipt of benefits under the Agreement, an executive must execute a release of claims against the Company. The Agreement also includes customary confidentiality and non-disparagement covenants. The Agreement does not provide for any excise tax gross-ups. The initial term of the Agreement will end on December 31, 2016, subject to automatic annual renewal unless either party gives notice to terminate the Agreement sixty days prior to the end of the initial period or any renewal period.

The full text of this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/314808/000031480816000243/form8k_item502cicagreements.htm

Any exhibits and associated documents for this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/314808/000031480816000243/0000314808-16-000243-index.htm

Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.

(END) Dow Jones Newswires

February 01, 2016 05:15 ET (10:15 GMT)

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