UNITED STATES
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FORM
CURRENT REPORT
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ITEM 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. | ||
On February 21, 2024, the Compensation Committee of the Board of Directors of Trinseo PLC (the “Company”) approved the grant of special one-time cash retention awards to certain employees, including David Stasse, the Company’s Chief Financial Officer, and Angelo Chaclas, the Company’s Chief Legal Officer (the “Executives”). The special one-time cash retention awards consist of a time-vested cash award of $2 million to Mr. Stasse and $1 million to Mr. Chaclas, which awards are payable in two equal annual installments subject to each Executive’s continued employment. The retention awards are intended to serve as a strong incentive to retain certain key members of management during a period of extreme volatility in the chemicals industry. In the event the Executive is terminated without cause, due to death or disability, or following change in control, the retention awards will be paid in full or in part depending on the reason for termination. If the Executive’s employment is terminated for any other reason the Executive will forfeit the right to receive any unpaid portion of the retention award but will not be obligated to repay any portion of the award previously paid.
The preceding summary of the terms of the retention awards is qualified in its entirety by reference to the agreement governing the retention awards,. The above description of the agreement governing the retention awards does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the retention agreement, the form of will is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
ITEM 9.01Exhibits.
10.1 | ||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRINSEO PLC | ||
By: | /s/ Angelo Chaclas | |
Name: | Angelo Chaclas | |
Title: | Senior Vice President and Chief Legal Officer | |
Date: February 27, 2024 | ||