Valvoline (VVV) Appoints New Chief Accounting Officer
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Valvoline (NYSE: VVV) disclosed the following in a U.S. SEC filing on Tuesday:
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
David J. Scheve became the Controller and Chief Accounting Officer of Valvoline Inc. (the “Company”) effective as of October 10, 2016. Mr. Scheve, age 41, joined the Company from Southern Graphic Systems, a supplier of design-to-print brand development products and services, where he started in June 2007 as its Global Corporate Controller and was most recently its Chief Financial Officer and Vice President of Finance, responsible for, among other things, overseeing all finance and accounting staff globally.
In connection with his appointment, Mr. Scheve and the Company entered into a letter agreement (the “Letter Agreement”) describing certain terms of Mr. Scheve’s employment, including his base salary, signing bonus, new hire equity grant, target annual performance bonus opportunity and long-term incentive award, all as further described below.
Pursuant to the Letter Agreement, Mr. Scheve will receive an annual salary of $250,000, a one-time signing bonus of $10,000 and a new hire equity grant of 1,500 Ashland Global Holdings Inc. (“Ashland”) restricted stock units, which vests 25% and 75% on the second and third anniversaries of the grant date, respectively. Mr. Scheve will also be eligible to participate in Ashland’s Incentive Compensation (“IC”) Plan and Long-Term Incentive Plan. Within the terms of the IC Plan, Mr. Scheve will have an opportunity to earn an annual incentive award for fiscal year 2017 with a target value equal to 40% of his annual base salary. Mr. Scheve also will be eligible for an annual long-term incentive award under the Long-Term Incentive Plan in the form of equity awards with an aggregate target value of 40% of the market reference point for his salary band. The Ashland equity received by Mr. Scheve pursuant to his new hire grant and incentive awards will convert to units, shares and rights, as applicable, of the Company upon the completion of a spin-off or other disposition by Ashland of its remaining shares of Company common stock.
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