ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On February 13, 2020, Sensient Technologies Corporation ("Sensient" or the
"Company") entered into an Executive Employment Contract (the "Employment
Agreement") with Mr. Paul Manning, pursuant to which Mr. Manning will continue
to serve as the Company's Chairman, President and Chief Executive Officer. The
Employment Agreement was prepared by outside counsel and reviewed and approved
by the Compensation and Development Committee of the Board of Directors
("Compensation Committee"), which consists solely of independent directors.
The initial term of the Employment Agreement is for a period of three years,
commencing on February 13, 2020 (the "Term"), and shall automatically extend for
additional one year periods unless either party provides the other party with at
least 12 months advance written notice that no such extension shall occur. The
Employment Agreement may be terminated with or without cause, by the Company or
by Mr. Manning, subject to the rights and obligations contained therein. During
the Term, Mr. Manning will receive an initial annual base salary of $945,000 and
such salary shall be reviewed annually by the Compensation Committee based on
Mr. Manning's performance and the Company's compensation policies. In addition,
Mr. Manning will be eligible for an annual incentive bonus, payable in cash
and/or equity, based on criteria determined by the Compensation Committee and
shall receive benefits consistent with those received by other executive
officers of the Company.
The above description of the Employment Agreement does not purport to be
complete and is qualified in its entirety by reference to the Employment
Agreement, which is attached hereto as Exhibit 10.1 to this Current Report on
Form 8-K.
The prior Executive Employment Contract between Sensient and Mr. Manning expired
by its terms.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
The following exhibits are furnished with this Current Report on Form 8-K:
Exhibit 10.1: Executive Employment Contract.
Exhibit 104: Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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