Mativ Holdings, Inc 8-K, filed Apr 26, 2022
Mativ Holdings, Inc. (MATV)
About this 8-K
Mativ Holdings, Inc filed this 8-K on April 26, 2022, reporting on events of April 21, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Resignation of Chief Accounting Officer
On April 26, 2022, Schweitzer-Mauduit International, Inc. (the “Company”) announced that on April 21, 2022, Michael L. Schmit, the Company’s Corporate Controller and Chief Accounting Officer, tendered his resignation effective as of May 17, 2022, to pursue another public company CFO opportunity.
Appointment of New Chief Accounting Officer
On April 26, 2022, the Company announced that it has named Cheryl Allegri as Corporate Controller and Chief Accounting Officer of the Company, effective as of May 18, 2022.
Ms. Allegri, age 56, has served as the Company’s Assistant Controller since September 2018. She previously served as Assistant Controller Reporting and Control at Halyard Health and Avanos from September 2016 to September 2018. From October 1995 to August 2016, Ms. Allegri served the Company in several positions of increasing responsibility, including as Director, Accounting and Control. Ms. Allegri’s other previous experience includes serving as Audit Manager with Deloitte. She is a CPA and holds a bachelor’s degree in Accounting from Auburn University.
In connection with her appointment as Corporate Controller and Chief Accounting Officer, Ms. Allegri and the Company agreed to an offer letter concerning her employment (the “Offer Letter”), dated April 25, 2022. Pursuant to the Offer Letter, Ms. Allegri will receive an annual base salary of $280,000. Ms. Allegri will be eligible to participate in the Company’s Annual Incentive Plan (“AIP”) as well as the Company’s Long-Term Incentive Plan (“LTIP”). Her 2022 AIP opportunity will be equal to 40% of her base salary at the target level of performance, with a maximum payout opportunity equal to 80% of her base salary. Her 2022 LTIP opportunity will be equal to 40% of her base salary at the target level of performance, with a maximum payout opportunity equal to 80% of her base salary.
The foregoing summary of the Offer Letter does not purport to be complete and is qualified in its entirety by the full text of the Offer Letter itself, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(a) Exhibits.
| Exhibit No. | Description | |
| 10.1 | Letter of Agreement, dated April 25, 2022, between Schweitzer-Mauduit International, Inc. and Cheryl Allegri | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
| SCHWEITZER-MAUDUIT INTERNATIONAL, INC. | ||
| (Registrant) | ||
| By: | /s/ Andrew Wamser | |
| Andrew Wamser Executive Vice President and Chief Financial Officer |
Dated: April 26, 2022
SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
Current Report on Form 8-K
Dated April 26, 2022
INDEX TO EXHIBITS
| Exhibit No. | Description | |
| 10.1 | Letter of Agreement, dated April 25, 2022, between Schweitzer-Mauduit International, Inc. and Cheryl Allegri | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Dated: April 26, 2022
Exhibit 10.1
April 25, 2022
Cheryl Allegri
860 Garden Gate Path
Roswell, GA 30075
Dear Cheryl,
On behalf of Schweitzer-Mauduit International, Inc. (SWM), I am pleased to confirm your promotion to Corporate Controller & Chief Accounting Officer. Your annual salary will be $280,000, paid in accordance with the current payroll cycle. Your pay increase will be effective May 10, 2022, and your title will be effective on May 18, 2022.
Benefits: Your employee benefits will remain the same.
Paid Time Off (PTO): Your PTO will remain the same.
Annual Incentive Plan (AIP): Your AIP opportunity at the target level of performance will increase to 40% of your base salary with a maximum of 80%. The weightings for your AIP participation will be based on 60% Corporate and 40% mutually agreed upon Individual Objectives established with your manager. AIP awards are paid in the first quarter following the end of the year measured.
Long-Term Incentive Plan (LTIP): Your LTIP opportunity at the target level of performance will increase to 40% of your base salary, with a maximum LTIP opportunity equal to 80%. LTIP objectives are established by the Compensation Committee and will be based 100% upon corporate objectives. Earned awards will be in the form of restricted shares of SWM common stock.
Additionally, if the event of a position elimination, any eligible benefits will be calculated based on your full years of service worked with SWM, which will be calculated from your initial hire date.
On behalf of SWM, we are excited for your new opportunity and look forward to a mutually rewarding relationship.
Please sign and date this offer letter and return it to Linda Skorb in Human Resources.
Sincerely,
Andy Wamser
Executive Vice President & Chief Financial Officer
SWM
| /s/ Cheryl Allegri | April 25, 2022 | |||
| Accepted: | Cheryl Allegri | Date |