Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
As previously disclosed, Matthew Archambeau resigned as Senior Vice President of
Manufacturing and Energy of Verso Corporation (the "Company") on April 5, 2021.
On June 23, 2021, the Company and Mr. Archambeau entered into a letter agreement
(the "Severance Agreement") that includes a general release of claims by
Mr. Archambeau in favor of Verso. Pursuant to the Severance Agreement, so long
as Mr. Archambeau does not revoke such release of claims and he complies with
certain ongoing obligations (including obligations regarding confidentiality,
non-disparagement, non-competition, and non-solicitation), Verso will pay
Mr. Archambeau a severance benefit of $469,915.56, Mr. Archambeau will remain
eligible to receive a prorated annual incentive award for 2021, Verso will pay
certain costs for Mr. Archambeau to continue healthcare coverage under COBRA for
up to eighteen months, a certain number of Mr. Archambeau's restricted stock
units granted by Verso that were outstanding on April 5, 2021 and subject to
only time-based vesting requirements will fully vest and a certain number of
Mr. Archambeau's restricted stock units granted by Verso that were outstanding
on April 5, 2021 and subject to performance-based vesting requirements will
remain outstanding and eligible to vest to the extent the applicable
performance-based vesting conditions are satisfied in accordance with applicable
grant agreements.
The foregoing summary of the Severance Agreement is subject to, and qualified in
its entirety by, the full text of such agreement, a copy of which is filed as
Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
10.1 Letter Agreement, dated June 23, 2021, by and among Verso
Corporation and Matthew Archambeau
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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