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ASH > SEC Filings for ASH > Form 8-K on 15-Nov-2013All Recent SEC Filings

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Form 8-K for ASHLAND INC.


15-Nov-2013

Change in Directors or Principal Officers, Financial Statements and Exhibits


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On November 13, 2013, Ashland Inc. entered into a letter agreement (the "Letter Agreement") with John E. Panichella, Senior Vice President and President, Ashland Water Technologies, pursuant to which, among other things, Mr. Panichella will be paid (a) $500,000 if he remains an employee of Hercules Inc. through the date on which a definitive agreement for the proposed sale of the Ashland Water Technologies commercial unit is signed and (b) an additional payment of $500,000 if he remains an employee of Hercules Inc. through the closing date of the proposed sale. The Letter Agreement also terminates an incentive award Mr. Panichella received in November 2012 under the Amended and Restated 2011 Ashland Inc. Incentive Plan in connection with his appointment as Group Operating Officer.

The Letter Agreement is filed as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference. The description of the material terms of the Letter Agreement is qualified in its entirety by reference to such exhibit.



Item 9.01. Financial Statements and Exhibits

(d)     Exhibits
10.1    Letter Agreement between Ashland Inc. and John E. Panichella dated
        November 13, 2013.

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