美國
證券和交易委員會
華盛頓，DC 20549
表格
目前的報告
根據第13或15(d)條款
證券交易法（1934年）第13條或第15(d)條規定
報告日期（最早報告事件日期）：2024年10月30日（
（依據其憲章指定的註冊名稱）
| (所在州或其他司法管轄區) (委員會文件號) |
（委員會 文件號） |
（IRS僱主 唯一識別號碼） |
| |
||
| (主要領導機構的地址) | (郵政編碼) |
公司電話，包括區號：
Not Applicable
(過往名稱或過往地址，如果自上次報告以來有變動)
如果所提交的表格申報旨在同時滿足註冊人在以下規定項下的任何一項申報義務，請選中以下適當的框（見下面的A.2指導方針）：8-K 提交是爲了同時滿足申報人在以下規定的任何一項下的申報義務（詳見下面的A.2一般說明）：
| 根據證券法規定的425條規則的書面通信（17 CFR 230.425） |
| 依據交易所法案規則14a-12徵集材料14a-12 根據《交易法案》第17節（17 CFR） 240.14a-12) |
| 預開始 根據規則通信 交易所法案14d-2(b) 根據《交易法案》第17節（17 CFR） 交易所法案240.14d-2(b)) |
| 預開始 根據規則通信 依據交易所法240.13e-4(c)進行通信事項 根據《交易法案》第17節（17 CFR） 依據交易所法240.13e-4(c)進行通信事項 |
每個交易所的名稱
| 每個類別的標題 |
交易 標的 |
普通股，每股面值$0.001 ANNX | ||
在規則405下定義爲新興增長型公司的情況請打勾 (《1933年證券法》第230.405章規則或本章規則) 12b-2請勾選是否爲創業板企業，即根據證券法1933年規則405條（本章第230.405條）或證券交易法1934年規則12b-2條（本章第240.12b-2條）中的定義(§240.12b-2 本章
新興成長企業
如果是新興成長企業，請在複選框中指明是否選擇不使用延長過渡期來符合根據《證券交易法》第13(a)條規定提供的任何新的或修訂的財務會計準則。☐
| 事項2.02。 | 業績會和財務狀況的結果 |
於2024年10月30日，reynolds consumer products公司發佈新聞稿，宣佈截至2024年9月30日的第三季度財務業績。新聞稿副本作爲附件99.1附在本次表格中。 8-K.
包括項目2.02中的信息，以及作爲附件99.1附在此處的新聞稿中的相關信息，均爲「提供」，不應被視爲根據經修訂的1934年證券交易法案（以下簡稱「交易法案」）第18條的目的被「申報」，也不適用於該條的責任，不被納入公司根據經修訂的1933年證券法或交易法案在此日期前後進行的任何申報中，除非在這樣的申報中經特別引用明確載明。
| 項目5.02。 | 董事會離職或任期屆滿;選舉董事;任命某些董事;某些官員的報酬安排 |
高級領導層變動
於2024年10月30日，公司宣佈高級管理層和董事會（「董事會」）人員的變動。
於2024年10月24日，蘭斯·米切爾通知公司，他計劃辭去公司總裁和首席執行官職務，以及公司董事會成員職務，生效日期爲2025年1月1日。米切爾先生將留任公司，直至他於2025年7月31日自願退休，擔任公司顧問。
根據董事會薪酬、提名和公司治理委員會（「CNG委員會」）的建議，董事會已批准對米切爾先生薪酬安排的某些方面進行調整，如下所述。
於2024年10月24日，根據CNG委員會的建議，董事會任命斯科特·E·哈金斯爲公司總裁兼首席執行官，並選舉哈金斯先生爲董事會董事，填補米切爾先生離職造成的空缺，生效日期爲2025年1月1日。哈金斯先生將擔任第三類董事（米切爾先生所在的類別）直至公司2026年股東年會，且任至2026年股東年會及其繼任者當選併合格爲止。預計哈金斯先生不會被任命爲董事會的任何委員會。
58歲的哈金斯先生自2023年11月起擔任公司副總裁、首席財務官和財務主管。在2023年10月加入公司之前，哈金斯先生自2019年至2023年擔任sunopta公司的首席財務官。哈金斯先生此前於2016年至2019年擔任Claire's Stores Inc.的CFO。在加入Claire's之前，哈金斯先生於2012年至2016年任職於西爾斯控股，在那裏擔任副總裁、財務主管，以及西爾斯再保險公司總裁。哈金斯先生還曾在RCS Holdings，Inc.擔任副總裁——財務、稅務和投資者關係，並曾擔任Pioneer Advisors的負責人。在此之前，哈金斯先生在柯奇工業公司及關聯公司擔任多個領導職務，包括柯奇金融產品有限責任公司總裁兼首席執行官、資本市場部首席財務官、柯奇工業公司財務主管，以及KoSa b.V.首席財務官。哈金斯先生持有亞利桑那州立大學金融學學士學位，並在西北大學凱洛格管理學院獲得管理碩士學位，專業集中在金融和管理策略領域。
Huckins先生被任命爲總裁兼首席執行官並被選爲董事會成員，並不存在他與其他任何人之間的安排或協議。Huckins先生與公司任何董事或高管之間也沒有家庭關係，他對於根據規定第404(a)條要披露的任何交易都沒有直接或間接的重大利益。 S-k。 Huckins先生不會因在董事會任職而獲得報酬。
董事會根據CNG委員會的建議，批准了對Huckins先生的薪酬安排的某些方面進行的更改，如下所述。
此外，在2024年10月24日，董事會任命Nathan D. Lowe爲副總裁、首席財務官和財務主管，以填補Huckins先生被任命爲總裁兼首席執行官而導致的空缺，自2025年1月1日起生效。現年45歲的Lowe先生自2021年1月起擔任公司的財務規劃和分析副總裁。在此之前，他自2019年1月至2020年12月擔任財務規劃與分析高級董事。Lowe先生加入該公司前，曾任GEC Packaging Technologies（Pactiv Evergreen Inc.及其子公司之一）的助理公司控制器和財務主管（2016年至2018年），以及Americold Logistics LLC國際業務的財務主管（2015年至2016年）。從2006年到2015年，Lowe先生在澳洲和美國的KPMG工作，主要與消費和工業企業合作，提供各種審計和諮詢服務。他獲得了澳洲麥考瑞大學的商務會計學士學位和應用金融學士學位，並且是註冊會計師。
Lowe先生與任何其他人之間並沒有根據其被任命爲首席財務官的安排或了解。Lowe先生與公司任何董事或高管之間也沒有家庭關係，他對於根據規定第404(a)條要披露的任何交易都沒有直接或間接的重大利益。 S-k。
Acting upon recommendation of the CNG Committee, the Board has approved changes to certain aspects of Mr. Lowe compensation arrangements, as further described below.
Employment Arrangements with Mr. Mitchell
On October 24, 2024, acting upon the recommendation of the CNG Committee, the Board approved the following additional compensation for Mr. Mitchell, as set forth in a Transition Letter between the Company and Mr. Mitchell (the “Transition Letter”), effective January 1, 2025: (i) he will continue to receive his current level of base salary through July 31, 2025; (ii) participation in the Company’s annual incentive program for 2025 with a target amount equal to 115% of his base salary, to be paid out at the full year target value on or about September 30, 2025; (iii) participation in the Company’s long-term incentive program in a target amount equal to 350% of his base salary in 2025, to be determined on actual 2025 full year performance; (iv) a one-time equity award under the Company’s Equity Incentive Plan, as amended and restated on January 27, 2022 (the “Equity Incentive Plan”), of restricted stock units (“RSUs”), with a grant date of July 31, 2025 and a grant date fair value of approximately $3,332,500 (which represents Mr. Mitchell’s current base salary plus bonus) that will vest in full on July 31, 2026; and (v) company-paid COBRA benefits for eighteen months, commencing August 1, 2025 through February 28, 2027. In the event of Mr. Mitchell’s death, Mr. Mitchell’s beneficiary shall receive the benefit of all outstanding obligations with respect to this additional compensation.
Effective January 1, 2025, upon the appointment of Mr. Huckins as President and Chief Executive Officer, Mr. Mitchell will step down from this position and move into an advisory role to assist with the transition. Mr. Mitchell will remain a full-time employee with the Company until his voluntary retirement on July 31, 2025. Mr. Mitchell is expected to qualify for all Company retirement benefits, including Enhanced Retirement benefits received pursuant to the terms of the equity awards granted to him on each of February 1, 2023, January 24, 2024, and February 1, 2024. A description of the Company’s retirement benefits, including with respect to equity awards, is provided in the Company’s definitive proxy statement for the 2024 annual meeting of stockholders filed with the Securities and Exchange Commission on March 12, 2024.
The foregoing description of the Transition Letter is a summary and is qualified in its entirety by reference to the Transition Letter, which is attached as Exhibit 10.1 to this report and is incorporated herein by reference.
Employment Arrangements with Mr. Huckins
On October 24, 2024, Scott E. Huckins accepted a written offer from the Company establishing his compensation as President and Chief Executive Officer effective January 1, 2025 (the “CEO Offer Letter”). Mr. Huckins has also entered into an Amended and Restated Employment Agreement, effective as of January 1, 2025 (the “Amended Employment Agreement”).
Offer Letter
As the President and Chief Executive Officer, Mr. Huckins will be paid an initial annual base salary of $1,000,000 and will continue to participate in the Company’s annual incentive program, with a target annual bonus opportunity for 2025 to be increased from the current 75% of his base salary to 120% of his base salary. In addition, Mr. Huckins will continue to participate in the Company’s 2025 long-term incentive program with a target amount opportunity for 2025 to be increased from the current 190% of his base salary to 400% of his base salary.
In recognition of Mr. Huckins’ expanded role and responsibilities in connection with assuming the role of President and Chief Executive Officer, Mr. Huckins will receive a one-time equity award under the Equity Incentive Plan of RSUs, with a grant date of February 1, 2025 and a grant date fair value of approximately $500,000 that will vest ratably on February 1, 2026 and February 1, 2027.
The foregoing description of the CEO Offer Letter is a summary and is qualified in its entirety by reference to the CEO Offer Letter, which is attached as Exhibit 10.2 to this report and is incorporated herein by reference.
The Amended Employment Agreement reflects the above compensatory terms for Mr. Huckins.
Potential Payments Upon Termination or Change in Control
The Amended Employment Agreement also provides that Mr. Huckins will be eligible for severance in the event of certain types of termination as follows: (a) if Mr. Huckins is terminated without Cause (as defined in the Employment Agreement) prior to a Sale of Business (as defined in the Employment Agreement), Mr. Huckins would be entitled to receive (i) two times his base salary plus his target bonus amount, and (ii) his annual bonus at target prorated through the date of termination, in each case paid in equal installments over 24 months following the date of termination; or (b) if a Sale of Business occurs and within 12 months following the closing of such Sale of Business either Mr. Huckins is terminated without Cause, or his position is materially reduced in remuneration or scope of duties and Mr. Huckins terminates his employment, then Mr. Huckins would be entitled to receive (i) three times his base salary plus his target bonus amount, and (ii) his annual bonus at target prorated through the date of termination, in each case paid in equal installments over 36 months following the date of termination. In addition, if Mr. Huckins is terminated without Cause, then Mr. Huckins and his eligible dependents will continue to be covered by the Company’s health plan for 18 months from the date of termination.
The Amended Employment Agreement also provides that if amounts payable to Mr. Huckins in connection with a Sale of Business or other change in control would be subject to the excise tax under Section 280G of the Internal Revenue Code, then the value of those payments will either (i) be reduced to the extent necessary so that the payments will not trigger that excise tax, or (ii) be paid in full, depending on which course of action would result in the better net after-tax result for Mr. Huckins, taking into account the excise tax and any other applicable tax.
The Amended Employment Agreement provides that if Mr. Huckins breaches any of the provisions of the Restrictive Covenant Agreement, his right to receive further payments of severance amounts will be terminated.
The foregoing description of the Amended Employment Agreement is a summary and is qualified in its entirety by reference to the Amended Employment Agreement (including the Restrictive Covenant Agreement attached thereto), which is attached as Exhibit 10.3 to this report and is incorporated herein by reference.
In addition, the CNG Committee determined that all future awards granted under the Equity Incentive Plan to Mr. Huckins, including the RSUs discussed above, will provide for “double trigger” vesting upon a change in control, instead of “single trigger” vesting.
Employment Arrangements with Mr. Lowe
On October 24, 2024, Nathan D. Lowe accepted a written offer from the Company establishing his compensation as Chief Financial Officer effective January 1, 2025 (the “CFO Offer Letter”). Mr. Lowe has also entered into an Employment Agreement (“Employment Agreement”) and a Restrictive Covenant Agreement (“Restrictive Covenant Agreement”) in substantially the same form as entered into by the Company’s other executive officers, which agreements will be effective as of January 1, 2025.
Offer Letter
As the Chief Financial Officer, Mr. Lowe will be paid an initial annual base salary of $550,000 and will continue to participate in the Company’s annual incentive program, with a target annual bonus opportunity for 2025 to be increased from the current 50% of his base salary to 75% of his base salary. In addition, Mr. Lowe will continue to participate in the Company’s 2025 long-term incentive program with a target amount opportunity for 2025 to be increased from the current 50% of his base salary to 175% of his base salary.
In recognition of Mr. Lowe’s expanded role and responsibilities in connection with assuming the role of Chief Financial Officer, Mr. Lowe will receive a one-time equity award under the Equity Incentive Plan of RSUs, with a grant date of February 1, 2025 and a grant date fair value of approximately $250,000 that will vest ratably on February 1, 2026 and February 1, 2027.
The foregoing description of the CFO Offer Letter is a summary and is qualified in its entirety by reference to the CFO Offer Letter, which is attached as Exhibit 10.4 to this report and is incorporated herein by reference.
Potential Payments Upon Termination or Change in Control
The Employment Agreement provides that Mr. Lowe will be eligible for severance in the event of certain types of termination as follows: (a) if Mr. Lowe is terminated without Cause (as defined in the Employment Agreement) prior to a Sale of Business (as defined in the Employment Agreement), Mr. Lowe would be entitled to receive (i) one times his base salary, paid in equal installments over 12 months following the date of termination, and (ii) his annual bonus at target prorated through the date of termination; or (b) if a Sale of Business occurs and within 12 months following the closing of such Sale of Business either Mr. Lowe is terminated without Cause, or his position is materially reduced in remuneration or scope of duties and Mr. Lowe terminates his employment, then Mr. Lowe would be entitled to receive (i) two times his base salary plus his target bonus amount, plus (ii) his annual bonus at target prorated through the date of termination, paid in equal installments over 24 months following the Date of Termination. In addition, if Mr. Lowe is terminated without Cause, then Mr. Lowe and his eligible dependents will continue to be covered by the Company’s health plan for 12 months from the date of termination, or 18 months if such termination is within 12 months following the closing of a Sale of Business.
The Employment Agreement also provides that if amounts payable to Mr. Lowe in connection with a Sale of Business or other change in control would be subject to the excise tax under Section 280G of the Internal Revenue Code, then the value of those payments will either (i) be reduced to the extent necessary so that the payments will not trigger that excise tax, or (ii) be paid in full, depending on which course of action would result in the better net after-tax result for Mr. Lowe, taking into account the excise tax and any other applicable tax.
The Employment Agreement provides that if Mr. Lowe breaches any of the provisions of the Restrictive Covenant Agreement, his right to receive further payments of severance amounts will be terminated.
The foregoing description of the Employment Agreement is a summary and is qualified in its entirety by reference to the Employment Agreement (including the Restrictive Covenant Agreement attached thereto), which is attached as Exhibit 10.5 to this report and is incorporated herein by reference.
In addition, the CNG Committee determined that all future awards granted under the Equity Incentive Plan to Mr. Lowe, including the RSUs discussed above, will provide for “double trigger” vesting upon a change in control, instead of “single trigger” vesting.
| Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: October 30, 2024 | ||||||
| REYNOLDS CONSUMER PRODUCTS INC. | ||||||
| By: | /s/ David Watson | |||||
| David Watson | ||||||
| General Counsel and Secretary | ||||||