UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): May 9, 2007 (May 7, 2007)
Chemtura
Corporation
(Exact
name of registrant as specified in its charter)
|
Delaware
(State
or other jurisdiction
of
incorporation)
|
|
1-15339
(Commission
file number)
|
|
52-2183153
(IRS
employer identification
number)
|
| |
|
199
Benson Road, Middlebury, Connecticut
(Address
of principal executive offices)
|
|
|
|
06749
(Zip
Code)
|
(203)
573-2000
(Registrant's
telephone number, including area code)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers.
Chemtura
Corporation entered into a Separation Agreement and General Release, dated
as of
April 1, 2007, with Ms. Karen R. Osar, formerly Executive Vice President and
Chief Financial Officer (the "Osar Agreement"). The Osar Agreement provides
for
severance payments and benefits to be paid to Ms. Osar as follows: separation
payment equal to 52 weeks base pay of approximately $440,000 with an additional
payment of up to 26 weeks of base salary or $220,000 in the event that Ms.
Osar
is not employed (or engaged in self-employment) within 18 months following
her
separation from the Company; enhanced vesting provisions of previously granted
stock options and restricted stock; and certain other benefits including accrued
vacation pay, outplacement services, Company-provided automobile; and the
ability of Ms Osar and her eligible dependents to participate in Company plans
providing medical, dental and vision benefits. Ms. Osar shall not be entitled
to
a bonus for calendar year 2007. Under the Osar Agreement, for a period of one
(1) year Ms. Osar is prohibited from engaging in a business which competes
with
the Company and from soliciting the Company's employees, customers and others
with a business relationship with the Company. Ms. Osar’s participation in the
Company's savings and supplemental savings plans terminated as of April 1,
2007,
her date of separation. A copy of the Osar Agreement is attached hereto as
Exhibit 10.1 and is incorporated by reference herein.
Item
9.01
Financial Statements and Exhibits
* * *
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Exhibit Number |
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Exhibit Description |
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|
|
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10.1
|
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Separation
Agreement and General Release dated as of April 1, 2007 by and between
Karen R. Osar and Chemtura
Corporation
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SIGNATURES
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.
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|
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Chemtura
Corporation
(Registrant)
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|
|
|
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By
/s/ Barry J. Shainman |
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Name:
Barry J. Shainman |
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Title:
Vice President and Secretary
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Exhibit Number |
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Exhibit Description |
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10.1
|
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Separation
Agreement and General Release dated as of April 1, 2007, by and
between
Karen R. Osar and Chemtura
Corporation
|