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HSC > SEC Filings for HSC > Form 8-K on 20-Mar-2014All Recent SEC Filings

Show all filings for HARSCO CORP

Form 8-K for HARSCO CORP


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.

As previously disclosed in a Form 8-K filed on March 3, 2014, the Board of Directors of Harsco Corporation (the "Company") appointed David C. Everitt as Interim President and Chief Executive Officer ("CEO") of the Company, effective February 28, 2014.
In connection with this appointment, on March 14, 2014, Mr. Everitt received a notification letter from the Company describing his compensation arrangement for the period through which he serves as CEO (the "Term"). The following describes Mr. Everitt's compensation arrangements with the Company:
Salary - During the Term, Mr. Everitt will receive a base salary of $75,000 per month.
Incentive Compensation - In lieu of participation in the Company's short-term and long-term incentive plans, and in accordance with the terms of the Company's 2013 Equity and Incentive Compensation Plan, Mr. Everitt will receive, on the first day of each of the Company's fiscal quarters that begins during the Term, starting with April 1, 2014, an award of shares of common stock with a fair market value at the time of issuance of $400,000. In addition to the regular quarterly grant on April 1, 2014, Mr. Everitt will receive an additional prorated award of shares of Common Stock covering the period from February 28, 2014 through March 31, 2014, with a fair market value at the time of issuance of $142,222. The shares granted to Mr. Everitt will vest immediately and will not be subject to any holding period restrictions.
Benefits and Perquisites - Mr. Everitt has elected not to participate in any of the Company's health and welfare, retirement or other employee benefit programs or plans. The Board has granted Mr. Everitt use of the Company's aircraft for his commute between the Company's headquarters in Pennsylvania and his residence in Florida. The Board felt this was appropriate to lessen the disruption to Mr. Everitt in light of the short term nature of this assignment. The tax liability for such use will be grossed up for tax purposes. In addition, the Company will assume all housing, car rental and meal expenses associated with Mr. Everitt's necessary travel back and forth from his residence in Florida to Camp Hill, Pennsylvania.

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