Compass Minerals International Inc.

07/01/2024 | Press release | Distributed by Public on 07/01/2024 14:09

Management Change/Compensation Form 8 K

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment and Compensation of Vice President, Corporate Controller and Principal Accounting Officer
Effective July 1, 2024, Compass Minerals International, Inc. (the "Company") appointed Ashley Ward, age 39, as Vice President, Corporate Controller. In this role she will serve as the Company's principal accounting officer.
Prior to joining the Company, Ms. Ward spent 10 years at Crestwood Equity Partners LP in positions of growing responsibility, including assistant controller; assistant controller, operational accounting; and director, operational accounting and fixed assets. She previously worked in accounting and finance roles at Barkley, Louis Dreyfus Commodities, and Flint Hills Resources.
The Company entered into a letter agreement, signed June 7, 2024, with Ms. Ward (the "Offer Letter"), establishing her compensation as Corporate Controller. Pursuant to the Offer Letter, Ms. Ward's base salary will be $250,000 per year. Ms. Ward's targeted cash bonus under the Company's Management Annual Incentive Program will be calculated at 30% of her base salary, with any bonus payments dependent on the Company's pre-established performance goals. Ms. Ward will be eligible to receive equity awards as part of the Company's Long-Term Incentive Program, with a target equity award value of 40% of her base salary. The Offer Letter provides that Ms. Ward's employment with the Company is at-will.
The foregoing description of the Offer Letter is qualified in its entirety by reference to the full text of the Offer Letter, which is attached as Exhibit 10.1 and incorporated by reference herein. Ms. Ward and the Company will also enter into the Company's standard Restrictive Covenant Agreement.
There is no arrangement or understanding between Ms. Ward and any other person pursuant to which Ms. Ward was appointed as Corporate Controller and principal accounting officer. Furthermore, there are no transactions between Ms. Ward (or any member of her immediate family) and the Company (or any of its subsidiaries) that would be required to be reported under Item 404(a) of Regulation S-K.