UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 17, 2020
Pyxus International, Inc.
(Exact name of Registrant, as specified in its charter)
Virginia | 001-13684 | 54-1746567 | ||
(State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. Employer Identification No.) |
8001 Aerial Center Parkway
Morrisville, North Carolina 27560-8417
(Address of principal executive offices, including zip code)
(919)379-4300
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock (no par value) | PYX | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Exchange Act of 1934(§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On April 17, 2020, the Board of Directors of Pyxus International, Inc. (the “Company”), based on the recommendation of the Company’s Compensation Committee, approved the adoption of an Executive Officer Retention Plan (the “Retention Plan”) for the benefit of certain of the Company’s named executive officers. Participants in the Retention Plan will each receive aone-time retention payment upon entering into a retention agreement with the Company. Under the retention agreements, a participant will be required to repay the full retention payment to the Company in the event that the Company terminates the participant’s employment for “cause” or the participant voluntarily resigns without “good reason” (each as defined in the Retention Plan) prior to the expiration of 12 months from the date of the retention payment date. The participating named executive officers and the amount of each respective cash retention payment are set forth in the table below.
Name | Title | Retention Payment Amount | ||
J. Pieter Sikkel | President & Chief Executive Officer | $1,088,000 | ||
Joel L. Thomas | Executive Vice President and Chief Financial Officer | $553,000 | ||
William L. O’Quinn, Jr. | Senior Vice President and Chief Legal Officer | $345,000 | ||
Tracy G. Purvis | Executive Vice President – Business Services | $330,000 | ||
Laura D. Jones | Senior Vice President – Human Resources | $290,000 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 23, 2020
PYXUS INTERNATIONAL, INC. | ||
By: | /s/ William L. O’Quinn, Jr. | |
William L. O’Quinn, Jr. Senior Vice President – Chief Legal Officer and Secretary |