Corporate GovernanceMay 7, 2026, 06:22 AM
Luxfer Holdings Amends Executive Severance & Change in Control Agreements
AI Summary
Luxfer Holdings PLC has entered into new or amended Executive Severance and Change in Control Agreements with its named executive officers, including CEO Andrew Butcher and CFO Stephen Webster. These agreements update the terms for termination payments and other benefits in connection with certain qualifying termination events. Key changes include revised responsibilities for executives during notice periods, the removal of non-competition clauses for all NEOs, and the omission of non-solicitation clauses for Mr. Butcher and Mr. Mead. Additionally, the definition of a "Change in Control Termination" was broadened for Messrs. Mead and Moorefield to include significant divisional asset dispositions.
Key Highlights
- Luxfer Holdings entered into new or amended Executive Severance and Change in Control Agreements with NEOs.
- Agreements cover CEO Andrew Butcher, CFO Stephen Webster, and VPs Howard Mead and Jeffrey Moorefield.
- Termination payments and benefits are substantially consistent with existing arrangements.
- Updated covenants require NEOs to provide reasonable assistance during notice periods.
- Non-competition obligations were omitted from all executive agreements.
- Non-solicitation obligations were omitted for CEO Butcher and VP Mead.
- Definition of "Change in Control Termination" expanded for VPs Mead and Moorefield.
- Expanded definition includes termination after disposition of over 75% of Primary Division assets.
Price Impact
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