Form 8-K for CHEMTURA CORP
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9-Jul-2009
Change in Directors or Principal Officers, Financial Statements and Exhibits
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers.
On July 1, 2009, the employment of Mr. Robert Wedinger, formerly Executive Vice President-Strategic Initiatives, was terminated by Chemtura Corporation (the "Company" or "Chemtura"). In connection with the termination, Chemtura entered into a Separation Agreement and General Release, dated as of July 1, 2009, with Mr. Wedinger (the "Wedinger Agreement). The Wedinger Agreement provides for severance payments and benefits to be paid to Mr. Wedinger that include: severance payments in the gross amount of two hundred thousand dollars ($200,000) payable in equal installments over a period of six (6) months in accordance with the Company's regular payroll practices; certain other benefits including outplacement services for a period of up to twelve (12) months and accrued vacation pay; and the ability of Mr. Wedinger and his eligible dependents to participate in Company plans providing medical, dental and vision benefits until the earlier of June 30, 2010 or the date on which Mr. Wedinger and, as applicable, his dependents, are eligible for and have elected to participate in another group medical plan. Mr. Wedinger's participation in the Company's savings and supplemental savings plans terminated as of July 1, 2009. Mr. Wedinger is prohibited from, among other things, soliciting the Company's employees, customers and others with a business relationship with Chemtura and competing with Chemtura for a period of one year. A copy of the Wedinger Agreement is attached hereto as Exhibit 99.1 and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
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(d) Exhibits
Exhibit Number Exhibit Description
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