Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers; Compensatory Arrangements of Certain
Officers.
On May 31, 2022, Pactiv Evergreen Inc. (the "Company") filed a Current Report on
Form 8-K to report that, effective May 27, 2022 (the "Termination Date"), it had
terminated without cause the employment of Michael J. Ragen as Chief Financial
Officer, principal financial officer and principal accounting officer of the
Company, in each case, with effect from the Termination Date.
In connection with his departure, Mr. Ragen and the Company entered into a
Separation Agreement, dated June 15, 2022 (the "Separation Agreement"),
containing a customary release by Mr. Ragen of claims against the Company.
Pursuant to the Separation Agreement, Mr. Ragen will be entitled to (i) a
severance payment in the amount of $1,385,424.66, paid in equal installments
according to the Company's normal payroll practices over 12 months, (ii) payment
of the amount to which he would have been entitled for 2022 under the Company's
legacy 2020 cash-based long-term incentive plan (which is currently expected to
be $293,020) at the time that payments are made thereunder to other eligible
employees, (iii) COBRA continuation premium payments at the active employee rate
for 12 months after the Termination Date and (iv) continued vesting of 23,334
restricted stock units granted to him on September 21, 2020, of which 11,667
will vest on December 15, 2022 and the remaining 11,667 will vest on March 2,
2023.
The receipt of Mr. Ragen's severance benefits is contingent on his agreeing to
abide by the covenants contained in the restrictive covenant agreements between
him and Company for a period of 18 months following the Termination Date. The
Compensation Committee of the Board of Directors of the Company (the "Board")
approved the terms of the Separation Agreement on June 15, 2022.
The foregoing description of the Separation Agreement does not purport to be
complete and is qualified in its entirety by reference to the complete text
thereof, which will be filed as an exhibit to the Company's quarterly report on
Form 10-Q for the quarter ending June 30, 2022.
Item 5.07. Submission of Matters to a Vote of Security Holders.
On June 13, 2022, the Company held its 2022 Annual Meeting of Stockholders (the
"Annual Meeting"). At the Annual Meeting, proxies representing 175,073,373
shares ("Shares") of the Company's common stock, par value $0.001 per share, or
approximately 98.54% of the Shares entitled to vote, were present by proxy and
voted on the following three proposals, each of which is described in more
detail in the Company's definitive proxy statement filed with the Securities and
Exchange Commission on April 27, 2022 (the "Proxy Statement"). The Company's
inspector of elections certified the vote tabulations indicated below.
Proposal 1 - Election of Directors
The individuals listed below were elected at the Annual Meeting to serve on the
Board until the Company's 2023 Annual Meeting of Stockholders or until their
successors are duly elected and qualified.
Nominee For Withheld Broker Non-Votes Total
LeighAnne G. Baker 166,560,094 7,100,705 1,412,574 175,073,373
Duncan J. Hawkesby 159,506,807 14,153,992 1,412,574 175,073,373
Allen P. Hugli 155,107,144 18,553,655 1,412,574 175,073,373
Michael J. King 161,042,298 12,618,501 1,412,574 175,073,373
Rolf Stangl 166,455,559 7,205,240 1,412,574 175,073,373
Felicia D. Thornton 166,637,302 7,023,497 1,412,574 175,073,373
Proposal 2 - Ratification of the Appointment of PricewaterhouseCoopers LLP
Proposal 2 was a proposal to ratify the selection of PricewaterhouseCoopers LLP
as the Company's independent registered public accounting firm for the year
ending December 31, 2022, as described in the Proxy Statement. This proposal was
approved.
For Against Abstain Total
174,997,379 74,426 1,568 175,073,373
Proposal 3 - Say on Pay Vote
Proposal 3 was an advisory vote to approve the Company's named executive officer
compensation for 2021, as described in the Proxy Statement. This proposal was
approved.
For Against Abstain Broker Non-Vote Total
169,598,510 4,052,691 9,598 1,412,574 175,073,373
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