Ensco Files 8K - Changes Executive Management
February 01 2016 - 5:30AM
Dow Jones News
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)
Copyright (c) 2016 Dow Jones & Company, Inc.
Ensco (NYSE:ESV)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ensco (NYSE:ESV)
Historical Stock Chart
From Sep 2023 to Sep 2024