Newell Brands Inc
NWL
Delayed Nyse - 12/08 10:02:19 pm
30.96USD
+0.49%

NEWELL BRANDS INC : Change in Directors or Principal Officers (form 8-K)

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11/14/2017 | 10:11 pm

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (e) On November 8, 2017, the Board of Directors (the "Board") of Newell Brands Inc. (the "Company") approved the adoption of the Newell Brands Supplemental Employee Savings Plan (the "Supplemental Savings Plan"), effective January 1, 2018. The Supplemental Savings Plan was adopted in connection with an overall harmonization of U.S. retirement plans at the Company. The Supplemental Savings Plan is a new nonqualified deferred compensation plan that will be available to a select group of management and highly compensated employees ("Eligible Executives") of the Company and certain of its subsidiaries. The Supplemental Savings Plan is designed to allow for deferrals that are in addition to those available to employees under the Company's 401(K) employee savings plan. In a calendar year, the Supplemental Savings Plan will provide Eligible Executives with the opportunity to defer up to 50% of their base salary and 100% of their annual bonus on a pre-tax basis and be credited with Company contributions. For each year, the Company will credit participants with a matching contribution for up to 6% of their base pay in excess of the IRS 401(a)(17) limit, subject to applicable conditions. The Company will also make a matching contribution for up to 6% of their annual performance-based bonus, subject to applicable conditions. The Company also has the ability to make discretionary matching contributions under the Supplemental Savings Plan. Eligible Executives will be at all times 100% vested in their entire benefit under the Supplemental Savings Plan, however the Company may establish a vesting schedule for any discretionary employer contributions. Eligible Executives may invest the deferred contributions in a variety of investment options. The Board may amend, terminate or freeze the Supplemental Savings Plan at any time in accordance with its terms. The Board has delegated authority to a U.S. Benefits Administration Committee to administer the Supplemental Savings Plan.

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