Greif Bros. 8-K 2015
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 7, 2015 (December 1, 2015)
(Exact name of registrant as specified in its charter)
Registrants telephone number, including area code: (740) 549-6000
(Former name or former address, if changed since last report.)
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):
Section 1 Registrants Business and Operations
Amendment to United States Accounts Receivable Credit Facility
Certain domestic subsidiaries of Greif, Inc. (the Company) are parties to a United States accounts receivable credit facility (the Facility) with PNC Bank (PNC). On December 1, 2015, the Facility was amended to reduce the Facilitys limit from $170 million to $150 million. The Company initiated this amendment to reduce the Facilitys limit because the Company was not utilizing the full amount of the Facility and the reduction in the Facilitys limit will reduce the facility fees payable under the Facility.
Filed as Exhibit 10.1 to this Current Report on Form 8-K is Amendment No. 1, dated as of December 1, 2015, to the Amended and Restated Transfer and Administration Agreement, dated as of September 30, 2013, by and among certain of the Companys domestic subsidiaries and PNC.
Section 5 Corporate Governance and Management
On October 13, 2015, Greif, Inc. (the Company) issued a press release announcing that David B. Fischer was stepping-down as President and Chief Executive Officer, effective October 31, 2015. On December 4, 2015, the Company and Mr. Fischer entered into an agreement regarding his separation from the Company. Under the separation agreement, Mr. Fischer agreed to resign as a member of the Board of Directors of the Company and as a member of each board of directors or management board and as an officer of all subsidiaries and affiliates of the Company, effective as of October 31, 2015. As previously announced, Mr. Fischer will remain as an employee of the Company through December 31, 2015 to assist with the CEO transition. Under the separation agreement, he will continue to receive his current base salary until December 31, 2015.
The following provides a brief description of the material terms of the separation agreement:
Filed as Exhibit 10.2 to this Current Report on Form 8-K is the separation agreement between the Company and Mr. Fischer.
Section 9 Financial Statements and Exhibits
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.