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CVI > SEC Filings for CVI > Form 8-K on 5-Dec-2013All Recent SEC Filings

Show all filings for CVR ENERGY INC



Change in Directors or Principal Officers

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

(e) Compensatory Arrangements of Certain Officers

On November 29, 2013, CVR Energy, Inc. (the "Company") entered into an employment letter agreement (the "Letter Agreement") with Stanley A. Riemann to set forth the terms of Mr. Riemann's continued employment as the chief operating officer of the Company from January 1, 2014, the date upon which Mr. Riemann's existing Third Amended and Restated Employment Agreement dated January 1, 2011 (the "Existing Agreement") will expire, until June 30, 2014 (the "Additional Employment Period"), the date upon which Mr. Riemann has indicated his intent to retire from the Company. Under the Letter Agreement, Mr. Riemann's base salary will continue for the Additional Employment Period at the rate in effect immediately prior to the first day of the Additional Employment Period. In addition, provided that Mr. Riemann remains employed throughout the Additional Employment Period (or is terminated by the Company without cause), and subject to Mr. Riemann's execution of a release of claims (the "Release"): (a) Mr. Riemann will be entitled to receive a pro-rata bonus based on the actual performance of the Company for 2014, payable when bonuses for 2014 are paid generally to the Company's executive officers; and (b) Mr. Riemann will receive a cash payment of $600,000 within 30 days following the date that the Release becomes effective. In addition, Mr. Riemann remains subject to the restrictive covenant obligations contained in the Existing Agreement.

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