Form 8-K - Current report
07 July 2023 - 6:15AM
Edgar (US Regulatory)
0001069899
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0001069899
2023-07-05
2023-07-05
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): July 5, 2023
Phibro Animal Health Corporation
(EXACT NAME OF REGISTRANT AS SPECIFIED IN
CHARTER)
Delaware |
|
01-36410 |
|
13-1840497 |
(State or other
jurisdiction of incorporation) |
|
(Commission File
Number) |
|
(IRS Employer
Identification No.) |
Glenpointe Centre East, 3rd Floor
300 Frank W. Burr Boulevard, Suite 21
Teaneck, New Jersey 07666-6712
(Address of Principal Executive Offices,
including Zip Code)
(201) 329-7300
(Registrant’s telephone number, including
area code)
Not Applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if this
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
Title
of each class |
Trading
symbol(s) |
Name
of each exchange on which registered |
Class A Common Stock, $0.0001 par value per share |
PAHC |
Nasdaq Stock Market |
Indicate by check
mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ¨
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On July 5, 2023, the Compensation Committee of
the Board of Directors of Phibro Animal Health Corporation (the “Company”) approved (i) the grant of 300,000 restricted stock
units (“RSUs”) to Larry Miller, the Company’s Chief Operating Officer, pursuant to the Company’s 2008 Incentive
Plan and the RSU award agreement (the “Award Agreement”), and (ii) a retention cash award equal to $4,250,000 (the “LTIP
Award”), pursuant to the terms and conditions of an executive long-term incentive agreement (the “LTIP Agreement”).
RSU Award
All of the RSUs granted to Mr. Miller are subject
to performance-based vesting. The RSUs will vest on June 30, 2027, in increments of 10% (but no less than 20%) (with linear interpolation
to apply for achievement between increments) based upon achievement of the arithmetic average of the Company’s closing stock price
per share for each trading day in the 90-calendar day period ending on June 30, 2027 (the “90-Day Average”) from $20 to $60
and above, subject to Mr. Miller’s continued employment on such date; provided that if Mr. Miller’s employment is terminated
by the Company without “cause” or by Mr. Miller with “good reason” (each, a “Qualifying Termination”),
subject to Mr. Miller’s execution and non-revocation of a general release of claims and continued compliance with all applicable
restrictive covenants, the RSUs will vest based on the 90-Day Average of the Company’s stock price ending on a date selected by
Mr. Miller during the period beginning on the date of the Qualifying Termination and ending on the first to occur of (i) June 30, 2027,
(ii) the first anniversary of the Qualifying Termination and (iii) March 15 of the year following the date the Qualifying Termination.
None of the RSUs will vest if the 90-Day Average is below $20, and the maximum vesting percentage for the RSUs is 100% for achievement
of a 90-Day Average of $60 or above.
In the event of a change in control of the Company,
following which either (i) 100% of the Company’s shares of stock cease to be traded on a nationally recognized stock exchange and
the Company is no longer listed on any such exchange or (ii) a Qualifying Termination occurs within 12 months, all unvested RSUs will
immediately vest in full.
As a condition of the grant of RSUs, Mr. Miller
will not receive additional equity awards from the Company prior to December 31, 2025.
LTIP Award
Pursuant to the terms of the LTIP Agreement,
the LTIP Award will be paid in cash in four substantially equal installments concurrently with payments under the Company’s
Management Incentive Plan for the applicable fiscal year, subject to Mr. Miller’s continued employment on each of the first
four anniversaries beginning on June 30, 2024; provided that, in the event Mr. Miller’s employment is terminated by the
Company without “cause” or by Mr. Miller for “good reason” (each as defined in the Employment Agreement, as
modified by the LTIP Agreement, and each, an “LTIP Qualifying Termination”), any portion of the LTIP Award not yet paid
prior to such LTIP Qualifying Termination will be paid on the first payroll date that is 30 days following such LTIP Qualifying
Termination, subject to Mr. Miller’s execution and non-revocation of a general release of claims and continued compliance with
any applicable restrictive covenants. In the event Mr. Miller’s employment terminates for any reason other than an LTIP
Qualifying Termination prior to satisfaction of the applicable service requirement(s), all remaining unpaid portions of the LTIP
Award will be forfeited for no consideration.
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 thereunto
duly authorized.
|
PHIBRO ANIMAL HEALTH CORPORATION
Registrant |
|
|
Date: July 6, 2023 |
|
|
|
|
By: |
/s/ Judith A. Weinstein |
|
Name: |
Judith A. Weinstein |
|
Title: |
Senior Vice President, General Counsel |
|
|
and Corporate Secretary |
v3.23.2
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Jul. 05, 2023 |
Cover [Abstract] |
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Document Type |
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Amendment Flag |
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Document Period End Date |
Jul. 05, 2023
|
Entity File Number |
01-36410
|
Entity Registrant Name |
Phibro Animal Health Corporation
|
Entity Central Index Key |
0001069899
|
Entity Tax Identification Number |
13-1840497
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
Glenpointe Centre East, 3rd Floor
|
Entity Address, Address Line Two |
300 Frank W. Burr Boulevard, Suite 21
|
Entity Address, City or Town |
Teaneck
|
Entity Address, State or Province |
NJ
|
Entity Address, Postal Zip Code |
07666-6712
|
City Area Code |
201
|
Local Phone Number |
329-7300
|
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Title of 12(b) Security |
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|
Trading Symbol |
PAHC
|
Security Exchange Name |
NASDAQ
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Entity Emerging Growth Company |
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