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CVI > SEC Filings for CVI > Form 8-K on 7-Jan-2014All 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 December 31, 2013 (the "Effective Date"), CVR Energy, Inc. (the "Company") entered into Incentive Unit Agreements with certain of its named executive officers, awarding such officers the number of incentive units summarized below:

Incentive Units

Officer               Awarded
Susan M. Ball               39,648
Edmund S. Gross             35,243
Robert W. Haugen            24,230

The awards for the named executive officers vest in one-third annual increments beginning on December 27, 2014. Each incentive unit represents the right to receive, upon vesting, a cash payment equal to (a) the average closing price of the common units of CVR Refining, LP (the "Partnership") for the first 10 business days of the month in which the vesting date occurs, plus (b) the cash value of all distributions declared and paid by the Partnership on the Partnership's common units from the Effective Date to and including the vesting date.
The awards become immediately vested in the event of any of the following:
(i) such named executive officer's employment is terminated other than for cause within the one-year period following a change in control; (ii) such named executive officer resigns from employment for good reason within the one year period following a change in control; or (iii) such named executive officer's employment is terminated under certain circumstances prior to a change in control. If such named executive officer is terminated other than for cause or such executive resigns for good reason in the absence of a change in control, then the portion of the award scheduled to vest in the year in which such event occurs becomes immediately vested and the remaining portion is forfeited.

The Company indirectly owns 100% of CVR Refining GP, LLC, the general partner of the Partnership. In addition, the Company indirectly owns approximately 71% of the common units representing limited partner interests of the Partnership.

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