Peabody Energy Corp 8-K/A, filed Jan 15, 2020
Peabody Energy Corp (BTU)
About this 8-K/A
Peabody Energy Corp filed this 8-K/A on January 15, 2020, reporting on events of January 2, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form
(Amendment No. 1)
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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EXPLANATORY NOTE
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On January 9, 2020, Mr. Spurbeck’s compensation arrangements in connection with his appointment as Interim Chief Financial Officer were finalized following approval (or, in the case of Mr. Spurbeck’s equity grant, subject to approval as noted below) by the Compensation Committee of the Board of Directors (the “Compensation Committee”) of the Company. Effective January 7, 2020, Mr. Spurbeck is entitled to: (i) an annual base salary of $358,749.84; (ii) an additional monthly cash payment of $7,604.18, paid each month during the duration of his tenure as Interim Chief Financial Officer; (iii) a short-term incentive compensation (“STIC”) opportunity with a target level of 80% of his base salary and a maximum payout of 120% of his base salary, pursuant to the Peabody Energy Corporation 2017 Incentive Plan (the “Plan”), prorated for fiscal year 2020 based on his positions held; (iv) a target long-term incentive compensation (“LTIC”) opportunity valued at approximately 60% of his base salary, pursuant to the Plan; and (v) an equity grant of 14,475 restricted stock units under the Plan, subject to approval by the Compensation Committee, which restricted stock units will generally vest ratably over a three-year period on each of January 22, 2021, January 2, 2022, and January 2, 2023, subject to Mr. Spurbeck’s continued employment with the Company. Mr. Spurbeck’s performance-based STIC payouts will be based upon his individual performance and the achievement of the Company’s performance objectives as approved by the Compensation Committee. In addition, in connection with his appointment as Interim Chief Financial Officer, Mr. Spurbeck has entered into the Company’s standard form of indemnification agreement for directors and certain executive officers of the Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PEABODY ENERGY CORPORATION | ||||||
| January 15, 2020 |
By: |
/s/ A. Verona Dorch | ||||
| Name: |
A. Verona Dorch | |||||
| Title: |
Chief Legal Officer | |||||