Ashland Inc. (NYSE: ASH) today reported, as required by New York Stock Exchange rules, that an equity inducement award has been made to Mary Meixelsperger, who today joined Ashland’s wholly owned subsidiary, Valvoline Inc. as chief financial officer.
As an inducement for employment, and as previously disclosed by Ashland in a Form 8-K filing with the Securities and Exchange Commission, Meixelsperger received a one-time grant of time-vested restricted stock in the amount of 4,500 shares on June 20, 2016. The grant was made outside of the company’s current equity plan – the Amended and Restated 2015 Ashland Inc. Incentive Plan. In the event Meixelsperger’s employment terminates for any reason, all awarded shares that have not become vested by such date will be automatically forfeited by Meixelsperger and canceled. However, if Ashland’s previously announced plan to separate its Valvoline business segment from its Ashland Specialty Ingredients and Ashland Performance Materials business segments, thereby creating two independent, publicly traded companies, is not completed by the 18-month anniversary of the commencement of Meixelsperger’s employment and she voluntarily terminates her employment within the 60-day period thereafter, Meixelsperger will be entitled to receive a cash payment equal to (1) the fair market value of Ashland common stock as of the grant date of her restricted stock award multiplied by (2) the number of shares of restricted stock that are forfeited in accordance with the immediately preceding sentence. The award, as well as any shares that become vested under the award, will be subject to the requirements of Ashland’s stock ownership guidelines.
