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AZZ > SEC Filings for AZZ > Form 8-K/A on 23-Jul-2014All Recent SEC Filings

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Form 8-K/A for AZZ INC


23-Jul-2014

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.

AZZ incorporated ("AZZ") announced that, on June 25, 2014, Ashok Kolady, Senior Vice President and Chief Operating Officer of the Energy Segment of AZZ, was terminated from his position.

In connection with such termination of employment, Mr. Kolady and AZZ subsequently entered into an Agreement for Severance Benefits and for Release, Waiver and Nondisclosure (the "Severance Agreement"), pursuant to which AZZ agreed to pay to Mr. Kolady severance benefits in the amount of $217,489. Under the terms of the Severance Agreement, Mr. Kolady had the right, at his option, to rescind his agreement thereto at any time during the period of seven days following his execution of the Severance Agreement. This period of time has expired, and Mr. Kolady has not exercised this option to rescind his agreement to enter into the Severance Agreement.

In addition, pursuant to the recommendation of the compensation committee of AZZ's board of directors, the unvested restricted stock units ("RSUs") and stock appreciation rights ("SARs") held by Mr. Kolady at the time of the termination of his employment were accelerated and vested effective as of July 1, 2014. A total of 2,438 RSUs and 5,557 SARs were subject to such accelerated vesting. Based on the closing price of AZZ's common stock on July 1, 2014 of $47.50, the total fair market value of these RSUs and SARs immediately following such closing was $163,117.

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