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|Item 5.02|| |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 16, 2020, GCP Applied Technologies Inc. (the “Company”) announced that, effective as of November 13, 2020, Narasimhan B. Srinivasan no longer serves as Executive Vice President, Global Head Specialty Building Materials and has left the Company. In connection with his departure, and pursuant to the Change in Control Severance Agreement entered into between the Company and Mr. Srinivasan in substantially the form filed as an exhibit to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 4, 2016, Mr. Srinivasan is entitled to receive (i) accelerated vesting of options to purchase 15,692 shares of common stock and accelerated vesting of 17,028 unvested restricted stock units, (ii) a lump sum severance payment in an amount equal to three times the sum of his base salary and target annual incentive compensation, (iii) a pro-rated portion of his target annual incentive compensation for the year of termination, (iv) same or substantially similar outplacement services as those generally offered to the Company’s executive officers and (v) taxable medical, dental and vision benefits substantially similar to those he received prior to termination for 24 months following termination. In addition, Mr. Srinivasan holds 17,153 unvested performance based awards that remain subject to the original performance criteria and remain eligible to be earned based upon achievement of the performance criteria after ordinary performance certification timing.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|GCP APPLIED TECHNOLOGIES INC.|
|James E. Thompson|
|Vice President, General Counsel and Secretary|
Date: November 16, 2020