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:
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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
10.1 Letter Agreement dated April 27, 2020 between FMC Corporation and
Pierre Bron deau
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