Fmc Corp 8-K, filed Apr 30, 2020
Fmc Corp (FMC)
8-K
2020-04-30
For: 2020-04-27
View Original
Added on
April 11, 2026
About this 8-K
Fmc Corp filed this 8-K on April 30, 2020, reporting on events of April 27, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 5.07: Shareholder vote results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________
FORM 8-K
_______________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 27, 2020
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(Exact name of registrant as specified in its charter)
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| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: 215 -299-6000
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act | |||||
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company | |||||||||||||||||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. | |||||||||||||||||||||||||||||||||||
| ☐ | |||||||||||||||||||||||||||||||||||
ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On April 27, 2020, FMC Corporation (the “Company”) entered into a letter agreement with Pierre R. Brondeau, the Company’s chief executive officer and chairman of the Board of Directors. The letter agreement sets forth changes to Mr. Brondeau’s employment terms, effective upon his upcoming transition from chief executive officer to executive chairman of the Company on June 1, 2020 (the “Transition Date”), as described below. Effective on the Transition Date, the letter agreement entirely supersedes Mr. Brondeau’s (i) letter agreement dated October 23, 2009, as amended on November 6, 2012, and (ii) Amended and Restated Severance Agreement dated November 6, 2012.
Beginning on the Transition Date, Mr. Brondeau’s rate of base salary will be $600,000 per year. He will not be eligible to earn an annual incentive award as executive chairman, although he will remain eligible for a pro-rated 2020 annual incentive in respect of his service as chief executive officer during the first five months of 2020. Mr. Brondeau will not be eligible for severance benefits if his employment ceases following the Transition Date for any reason, but the effect of any cessation of employment on his outstanding equity awards will continue to be determined under the terms of the applicable award agreements.
Following the Transition Date, Mr. Brondeau will not be eligible to receive most executive-level perquisites. However, he may continue to participate in the Company’s Nonqualified Savings and Investment Plan, subject to the eligibility requirements of that plan. He will also continue to be entitled to indemnification and the benefit of directors’ and officers’ liability insurance, to the same extent as other officers and directors of the Company.
The foregoing summary of the letter agreement is qualified in its entirety by reference to the letter agreement, which is attached to this Current Report as Exhibit 10.1 and which is incorporated by reference into this Item 5.02.
ITEM 5.07. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
(a) We held our annual meeting of stockholders on April 28, 2020 (the “Annual Meeting”); 129,440,514 shares of common stock were entitled to be voted; 115,395,699 shares were voted in person or by proxy.
(b) At the Annual Meeting, Pierre Brondeau, Eduardo E. Cordeiro, Mark Douglas, C. Scott Greer, K’Lynne Johnson, Dirk A. Kempthorne, Paul J. Norris, Margareth Øvrum, Robert C. Pallash, William H. Powell and Vincent R. Volpe, Jr. were each duly nominated for, and elected by the stockholders to our Board of Directors (the “Board”). These individuals will serve on our Board for a one-year term expiring in 2021. The number of votes cast for, against, abstained, and the number of broker non-votes with respect to each nominee is set forth below:
| For | Against | Abstain | Broker Non-Votes | |||||||||||||||||||||||
| Pierre Brondeau | 101,768,500 | 6,634,200 | 60,660 | 6,932,339 | ||||||||||||||||||||||
| Eduardo E. Cordeiro | 106,291,521 | 2,104,669 | 67,170 | 6,932,339 | ||||||||||||||||||||||
| Mark Douglas | 106,204,727 | 2,198,317 | 60,316 | 6,932,339 | ||||||||||||||||||||||
| C. Scott Greer | 102,522,087 | 5,875,871 | 65,402 | 6,932,339 | ||||||||||||||||||||||
| K’Lynne Johnson | 107,645,894 | 755,380 | 62,086 | 6,932,339 | ||||||||||||||||||||||
| Dirk A. Kempthorne | 105,655,598 | 2,725,112 | 82,650 | 6,932,339 | ||||||||||||||||||||||
| Paul J. Norris | 102,401,822 | 5,981,759 | 79,779 | 6,932,339 | ||||||||||||||||||||||
| Margareth Øvrum | 107,341,694 | 1,060,544 | 61,122 | 6,932,339 | ||||||||||||||||||||||
| Robert C. Pallash | 104,972,232 | 3,422,342 | 68,786 | 6,932,339 | ||||||||||||||||||||||
| William H. Powell | 107,771,926 | 625,467 | 65,967 | 6,932,339 | ||||||||||||||||||||||
| Vincent R. Volpe Jr. | 103,781,083 | 4,613,959 | 68,318 | 6,932,339 | ||||||||||||||||||||||
Accordingly, each of the nominees was duly elected.
(c) At the Annual Meeting, the stockholders also voted on the ratification of the Audit Committee’s approval for the continuing service of KPMG LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2020. The number of votes cast for, against and abstained with respect to this proposal is set forth below:
| Votes | |||||
| For: | 110,264,552 | ||||
| Against: | 4,905,424 | ||||
| Abstain: | 225,723 | ||||
Accordingly, the selection of KPMG LLP as the company’s independent registered public accounting firm for 2020 was ratified.
(d) At the Annual Meeting, the stockholders also voted, in a non-binding advisory vote, to approve the compensation of the Company’s named executive officers as disclosed pursuant to the compensation disclosure rules of the Securities and Exchange Commission. The number of votes cast for, against and abstained, and the number of broker non-votes, with respect to this proposal is set forth below:
| Votes | |||||
| For: | 99,469,901 | ||||
| Against: | 8,788,531 | ||||
| Abstain: | 204,928 | ||||
| Broker Non-Votes: | 6,932,339 | ||||
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
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 thereunto duly authorized.
| FMC CORPORATION (Registrant) | |||||||||||||||||
| By: | /s/ MICHAEL F. REILLY | ||||||||||||||||
| Michael F. Reilly Executive Vice President, General Counsel, Chief Compliance Officer and Secretary | |||||||||||||||||
Date: April 30, 2020
FMC Corporation
2929 Walnut Street
Philadelphia, PA 19104
USA
215.299.6000
fmc.com
April 27, 2020
Mr. Pierre Brondeau
Dear Pierre:
On behalf of FMC Corporation (the “Company”), this letter confirms your revised employment terms in connection with your upcoming transition from Chief Executive Officer of the Company to Executive Chairman of the Company, effective June 1, 2020 (the “Transition Date”). This letter agreement entirely replaces and supersedes (i) that certain letter agreement dated October 23, 2009, as amended on November 6, 2012, and (ii) that certain Amended and Restated Severance Agreement dated November 6, 2012, effective upon the Transition Date. Accordingly, effective upon the Transition Date, this letter will be our entire agreement regarding the matters herein discussed.
As Executive Chairman, you will continue to report directly to the Board of Directors of the Company (the “Board”) and will coordinate with the Company’s new Chief Executive Officer to support a stable and orderly succession of the leadership, provide business continuity and engage as needed with key stakeholders. Unless otherwise determined by the Board, you will continue to preside over meetings of the Board.
Beginning on the Transition Date, your rate of base salary will be $600,000 per year. In your capacity as Executive Chairman, you will not be eligible to earn an annual incentive award (although you will remain eligible for a pro-rated 2020 annual incentive in respect of your service as Chief Executive Officer during the first five months of 2020).
You will remain subject to all Company policies applicable to executives and in effect from time to time, including our Code of Ethics and Business Conduct Policy, Securities Trading Policy, Anti-Hedging Policy, Clawback Policy and Executive Stock Ownership Policy. During and after your employment, you will continue to be entitled to indemnification, advancement of expenses and the benefit of directors’ and officers’ liability insurance, to the same extent as other officers and directors of the Company (or former officers and directors, as applicable).
Your employment will continue to be “at-will” and may be terminated by you or the Company at any time, for any reason (whether or not such termination is coincident with the expiration of your term of service as a Board member). You will not be eligible for severance benefits upon cessation of your service following the Transition Date for any reason, whether or not that cessation occurs in connection with a change in control of the Company; provided that, the effect of any separation on your outstanding equity awards will continue to be determined in accordance with the terms of your applicable award agreements.
Mr. Pierre Brondeau
April 27, 2020
Page 2
As of the Transition Date, you will no longer be eligible for the following perquisites: personal use of corporate aircraft, company-paid club membership and financial planning and tax preparation allowance. You may continue to participate in the Company’s generally available salaried employee benefit plans and Nonqualified Savings and Investment Plan, subject to the eligibility requirements and other terms and conditions of those plans.
To confirm your agreement with the foregoing, please countersign this letter below and return the executed original to me.
Sincerely,
K. Kyle Matthews
Vice President, Human Resources
Agreed and accepted on April 27, 2020:
_________________________________
PIERRE R. BRONDEAU