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News Breaks
December 28, 2012
16:43 EDTMCPMolycorp enters separation agreement with former CEO Mark Smith
The separation agreement provides that Smith will release the company and certain other parties from any and all claims, causes of action and demands arising on or prior to December 22. If Smith does not revoke the release within the seven-day revocation period, he will be entitled to the following payments: a lump sum cash payment equal to $2.45M, consisting of $1.7M representing two times his annual target bonus opportunity for 2012 and $721,232 representing a portion of the two years of base salary to which he is entitled and $23,895 representing a cash payment in satisfaction of 18 months of reimbursement for COBRA premiums; an amount in cash equal to $978,768, consisting of the remainder of the two years of base salary to which he is entitled, and payable as continued base salary commencing on October 16, 2013 and ending on December 10, 2014; and a lump sum cash payment equal to $47,446 in satisfaction of performance-based restricted stock units on the first business day after the Release becomes irrevocable. Smith will also provide transitional consulting services to the company as requested by the board for an initial term ending on December 31, 2013 and Smith will receive a total of $425,000 during the term, which represents one-half of his base salary in effect immediately prior to his termination of employment.
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