UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Emerging growth company
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 10, 2025, Eastman Chemical Company (the “Company”) and Brad A. Lich entered into a severance agreement (the “Agreement”) pursuant to which Mr. Lich will be eligible to receive severance benefits in the event of certain qualifying terminations of employment, as described below. Payments and benefits under the Agreement are contingent on Mr. Lich’s continued compliance with any restrictive covenants to which he may be bound and on Mr. Lich timely providing the Company with (and not revoking) a general release of claims.
If Mr. Lich (i) is terminated without Cause (as such term is defined in the Company’s 2021 Omnibus Stock Compensation Plan) or (ii) resigns from his employment after March 1, 2027 for “good reason” (as defined in the Agreement), he shall receive the following:
| • | a cash severance payment in the amount of $2 million plus any cash severance amounts Mr. Lich would otherwise be eligible to receive under the Company’s severance plans or programs then in effect; and |
| • | up to four months of continued healthcare coverage paid by the Company. |
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which will be filed with the Company’s Form 10-Q for the first quarter 2025.
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, hereunto duly authorized.
| Eastman Chemical Company | ||
| By: | /s/ Iké G. Adeyemi | |
| Iké G. Adeyemi | ||
| Senior Vice President, Chief Legal Officer and Corporate Secretary | ||
| Date: March 14, 2025 | ||