Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangement of Certain
Officers.
Glatfelter Corporation (the "Company") is filing this Amendment No. 1 to its
Current Report on Form 8-K filed on August 26, 2022, which announced, among
other things, the termination of Dante C. Parrini as the Chairman and Chief
Executive Officer of the Company. The Company noted that these changes are not
related to the Company's operations, financial reporting or controls, or
personal conduct.
Information responsive to Item 5.02(b):
Under the terms of the Separation Agreement (as defined below), Mr. Parrini
resigned from the board of directors of the Company, effective as of September
13, 2022.
Information responsive to Item 5.02(e):
On September 13, 2022, Mr. Parrini entered into a Separation Agreement and
General Release ("Separation Agreement") with the Company, which will become
effective on September 13, 2022 (the "Effective Date"). Under the terms of the
Separation Agreement, the Company agreed to enter into a consulting agreement
(the "Consulting Agreement") with Mr. Parrini. The Separation Agreement states
that (1) the duration of the Consulting Agreement will be for three months
during which time Mr. Parrini shall be compensated at a rate of $100,000.00 per
month and (2) during the term of the Consulting Agreement, Mr. Parrini will be
available to the Company as needed, but in no event shall the level of services
Mr. Parrini performs be more than 20% of the average level of services he
performed for the Company over the 36-month period immediately preceding the
termination date.
In addition, the Company agreed to waive its policy for Mr. Parrini that all
severance payments be reduced by 50% upon obtaining new employment during the
payout period.
The Company appreciates Mr. Parrini's service and commitment and wishes him
well.
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