WELBILT, INC.

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WELBILT, INC. : Change in Directors or Principal Officers (form 8-K)

12/15/2021 | 04:38pm EDT

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

(e) On December 9, 2021, the Compensation Committee of the Board of Directors of Welbilt, Inc. (the "Company") approved a special cash bonus arrangement (the "Transaction Bonus") for each of William C. Johnson, the Company's President and Chief Executive Officer, Martin D. Agard, the Company's Executive Vice President and Chief Financial Officer, and Joel H. Horn, the Company's Executive Vice President, General Counsel and Corporate Secretary. The Transaction Bonus is to be paid in cash within 30 days after, and contingent upon, the closing of the sale of the Company's Manitowoc Ice division. Payment of the Transaction Bonus is contingent on the employee's continued employment through the closing of the sale, unless the employee is terminated without cause or resigns for good reason. The amount of the cash bonus, in each case, will depend on the purchase price and will range between $100,000 (if a minimum threshold is achieved) and $1 million. The Transaction Bonus is also contingent on the execution by the employee of a transaction bonus agreement, which will contain detailed terms and conditions of the grant.





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