Molycorp (MCP) Lowers Minimum Benefit on Senior Management Termination

March 8, 2013 6:19 AM EST
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As previously reported, Molycorp, Inc. (NYSE: MCP) has in place a severance policy (the “Policy”) for senior management in certain salary grades who are not also parties to an employment agreement with the Company. The members of the Company’s senior management covered by the Policy include the Company’s Chief Financial Officer.

On March 7, 2013, the Company adopted an amendment to the Policy that, among other things, lowered the minimum benefit for terminations covered under the Policy to 13 weeks of base salary and provides credit for service by a member of senior management at any entity the Company has acquired, such as Neo Material Technologies Inc., or will acquire in the future.

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