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HOWMET AEROSPACE INC.

(HWM)
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HOWMET AEROSPACE INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

09/23/2021 | 04:34pm EDT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

At a meeting held on September 17, 2021, the Board of Directors of Howmet Aerospace Inc. (the "Company") amended the Company's Executive Severance Plan and Change in Control Severance Plan to reduce, for a Tier I participant, (i) the multipliers used to calculate certain severance benefits by 0.5 and (ii) the post-termination period over which certain benefits are continued by six months.

In general, as a result of the changes to the plans, a Tier I participant who has a qualifying termination of employment will be eligible to receive cash severance of 1.5 times the sum of their annual base salary and applicable target annual cash incentive where termination is not in connection with a change in control of the Company (reduced from 2 times), and will be eligible to receive 2.5 times the sum of such amounts where termination is in connection with a change in control (reduced from 3 times). Further, the period over which a Tier I participant will generally be eligible for continued health benefits following a qualifying termination of employment, as well as to the cash value of continued benefits under applicable Company retirement plans, has been reduced from 24 to 18 months where the termination is not in connection with a change in control and from 36 to 30 months where the termination is in connection with a change in control.

Currently, only Tolga Oal, the Company's Co-Chief Executive Officer, is a Tier I participant in the severance plans and Mr. Oal has previously agreed with these changes through his employment letter agreement dated as of February 24, 2020, which was previously disclosed by the Company on a Form 8-K filed on February 25, 2020.

The foregoing summary of the principal amendments to the Company's severance plans does not purport to be complete, does not describe other benefits under the plans not impacted by the current amendments, and is subject to, and qualified by, the full text of the amended and restated plans which are attached hereto as Exhibits 10.1 and 10.2 and incorporated herein by reference.


Item 9.01   Financial Statements and Exhibits.



(d) Exhibits



   10.1     Howmet Aerospace Inc. Executive Severance Plan, as Amended and
          Restated, effective September 17, 2021.




   10.2     Howmet Aerospace Inc. Change in Control Severance Plan, as Amended and
          Restated, effective September 17, 2021.



104 The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 5 159 M - -
Net income 2021 395 M - -
Net Debt 2021 3 293 M - -
P/E ratio 2021 35,4x
Yield 2021 0,13%
Capitalization 13 438 M 13 438 M -
EV / Sales 2021 3,24x
EV / Sales 2022 2,78x
Nbr of Employees -
Free-Float 99,3%
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Mean consensus BUY
Number of Analysts 10
Last Close Price 31,33 $
Average target price 38,50 $
Spread / Average Target 22,9%
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Managers and Directors
John C. Plant Executive Chairman & Chief Executive Officer
Ken Giacobbe Chief Financial Officer & Executive Vice President
Raymond J. Kilmer Chief Technology Officer & Executive VP
Ulrich R. Schmidt Independent Director
James F. Albaugh Lead Independent Director
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