Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Patrick Kaltenbach , President of the Life Sciences Segment at Becton Dickinson, will join the Company inJanuary 2021 and assume the CEO position fromMr. Filliol onApril 1, 2021 .Mr. Filliol will remain a member of the Board of Directors, and in addition, he will support the Company in marketing and other organizational matters. New Agreements. The Company entered into a new employment agreement withPatrick Kaltenbach , datedDecember 14, 2020 . The agreement is governed by Swiss law. The agreement calls for an annual base salary ofCHF 800,000 and a target bonus ofCHF 400,000 . The actual bonus earned depends on target achievement, pursuant to the regulations of the POBS Plus Incentive Plan for Members of Group Management. As more fully set forth in the attached agreement,Mr. Kaltenbach will: (1) onJanuary 25, 2021 , be granted a number of restricted stock units and stock options; and (2) be awarded periodic long-term incentive grants under the Company's equity incentive plan. The Company bears the cost of contributions to Mettler-Toledo Fonds (a type of Swiss pension plan), as well as the cost of accident and disability insurance and life insurance. The agreement may be terminated by either party on 12 months' notice with effect as of the end of a calendar month.Mr. Kaltenbach may not compete with the Company for a period of 12 months after termination.Mr. Kaltenbach is required to hold Company shares with a market value ofUSD 750,000 as fromJanuary 25, 2022 , ofUSD 1.5 million as fromJanuary 25, 2023 , ofUSD 2.5 million as fromJanuary 25, 2024 , ofUSD 4 million as fromJanuary 25, 2025 , and ofUSD 5.5 million as fromJanuary 25, 2026 .Mr. Kaltenbach shall not serve on any third party board of directors until the second anniversary of his start date. The Company entered into an amendment agreement withOlivier Filliol , datedDecember 14, 2020 . The amendment agreement provides, among other things, thatMr. Filliol has chosen to step down as CEO effectiveMarch 31, 2021 .Mr. Filliol will remain a member of the Board of Directors, and in addition, he will support the Company in marketing and other organizational matters. He will be paid in line with the compensation otherwise paid to non-executive directors without committee membership, and his long-term incentives will vest as more fully set forth in the attached agreement.
The description of the agreements are qualified by reference to the full text of the agreements, which are attached to this report as Exhibits 10.1 and 10.2.
In addition, a copy of the press release issued by the Company onDecember 15, 2020 announcing the CEO transition is furnished hereto as Exhibit 99.1 to this report. Item 9.01. Financial Statements and Exhibits.
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Exhibit No. Description 99.1 Press release regarding CEO transition, dated
Mettler-Toledo International Inc. 10.1 Employment Agreement between Mettler-Toledo
Kaltenbach, datedDecember 14, 2020 10.2 Amendment Agreement between Mettler-Toledo
Filliol, datedDecember 14, 2020 104 Cover Page Interactive Data File (embedded within
the Inline XBRL document)*
*Submitted electronically with this Report in
accordance with the provisions
of Regulation S-T.
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