Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 2, 2022, Edgewell Personal Care Company (“Edgewell” or the “Company”) announced the appointment of LaTanya Langley as Chief Legal Officer of the Company effective February 28, 2022.
Ms. Langley, age 46, currently serves as General Counsel, Corporate Secretary and Compliance Officer of Société Bic S.A (commonly known as BIC), a global manufacturer and distributor of consumer goods products. Ms. Langley has been with BIC Corporation for the previous six years, where she has held positions of increasing responsibility within their legal function both in the United States and internationally. Ms. Langley served as General Counsel, BIC International, Group Supply Chain, Emerging Markets, Anti-Corruption Compliance Officer from 2019 to 2021, General Counsel, BIC International, Group Stationery, Anti-Corruption Compliance Officer, Latin America, Middle East, Africa from 2016 to 2019 and General Counsel, BIC International, Developing Markets, from 2015 to 2016.
Ms. Langley will receive an initial annual base salary of $440,000 and her target bonus opportunity for fiscal 2022 will be 60% of base salary. Ms. Langley will receive a one-time sign-on bonus of $150,000. In addition, Ms. Langley will receive a one-time sign-on equity award consisting of: (1) $350,000 in Restricted Stock Equivalents, which will vest in equal portions over two years from the date of grant and (2) $325,000, which consists of: $162,500 in Performance Stock Equivalents, subject to a three-year cliff vesting schedule; $97,500 in Restricted Stock Equivalents, which will vest in equal portions over three years from the date of grant; and, $65,000 in stock options based on a three-year ratable vesting. Ms. Langley will also be eligible for annual equity grants under the Edgewell Personal Care Company 2018 Stock Incentive Plan at a level commensurate with her title. The terms of the awards are expected to be consistent with the annual award program for other senior executives.
Ms. Langley will be eligible to participate in Edgewell’s benefit plans available to executives, in accordance with the Company’s customary terms and policies and consistent with other executives, including health insurance, dental insurance, disability insurance, life insurance, and a defined contribution (401(k)) plan, all subject to such contributions by Ms. Langley. In addition, she will be eligible to participate in the Company’s executive savings investment plan and financial planning program.
Ms. Langley will also be eligible to participate in Edgewell’s executive severance plan, pursuant to which she would receive, upon a qualifying termination of employment by Edgewell without Cause or voluntary termination of employment by her for Good Reason, a lump sum payment equal to: (1) 1.5 times her annual base salary plus a severance bonus equal to the short-term incentive plan bonus for the most recently completed fiscal year; (ii) the accrued but unpaid paid time off available to her; and (iii) 1.5 times the monthly premium cost for group health plan benefits for Ms. Langley and her dependents, as applicable, multiplied by 18. Such benefits are subject to reduction under certain circumstances, including to the extent necessary to avoid certain federal excise taxes. In addition, no benefits will be paid to the extent duplicative of benefits under a change of control or similar agreement with the Company. The payment of benefits under the plan is conditioned upon, among other things, Ms. Langley executing a general release in favor of the Company, which shall include confidentiality, non-solicitation, non-disparagement, and non-competition obligations in favor of the Company.
In addition, Ms. Langley will be eligible to participate in the Company’s change in control plan (the “CIC Plan”) which standardizes the severance paid to current and future specified members of the Company’s senior management in the event of a termination of their employment from the Company without Cause or for Good Reason (as such terms are defined in the CIC Plan) within the period beginning immediately upon a Change in Control (as such terms are defined in the CIC Plan) and continuing until the lapse of 24 months immediately following a Change in Control of the Company (the “Change in Control Period”).
Descriptions of the foregoing compensation and benefit plans are set forth in the Company’s Definitive Proxy Statement on Schedule 14A dated December 20, 2021, for the Company’s 2022 annual meeting of shareholders.
There is no arrangement or understanding between Ms. Langley and any other person pursuant to which Ms. Langley was appointed as Chief Legal Officer of Edgewell. There has been no transaction, or proposed transaction, since October 1, 2020 to which Ms. Langley or any member of her immediate family had or is to have a direct or indirect material interest or any other related transaction with Edgewell within the meaning of Item 404(a) of Regulation S-K. There are no family relationships between Ms. Langley and any of Edgewell’s other directors, executive officers, or persons nominated or chosen by Edgewell to become directors or executive officers.