West Pharmaceutical Services Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$WST
Medical/Dental Instruments
Health Care
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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) – April 9, 2025
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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 7, 2025, West Pharmaceutical Services, Inc. (the “Company”) announced that Cindy Reiss-Clark, former Senior Vice President and Chief Commercial Officer, departed from the Company effective that same date. At the time of her departure, Ms. Reiss-Clark was a named executive officer of the Company. In accordance with the Company's standard severance policy, Ms. Reiss-Clark is entitled to severance benefits contingent upon her execution of a release in favor of the Company and its affiliates along with compliance with certain other covenants. Ms. Reiss-Clark and the Company have reached an agreement on the terms of a Separation Agreement and Release (the “Agreement”).
The Agreement provides Ms. Reiss-Clark with the following material benefits: (1) one-year of salary continuation at her then current salary of $489,500, (2) continuation of welfare benefits at the then-current active employee rate, (3) a 2025 payment of $57,526, which is her pro-rated Annual Incentive Plan target, and (4) outplacement services of up to $15,000. In exchange for these benefits, Ms. Reiss-Clark released all potential claims against the Company to the extent permitted by applicable law and agreed not to pursue any litigation against the Company. She also re-affirmed her obligations under her noncompetition and nonsolicitation covenants and agreed to cooperate with the Company as needed. Additionally, both parties agreed to a nondisparagement provision.
A copy of the agreement is included as an exhibit to this Form 8-K, and the aforementioned summary is qualified in its entirety by the detailed terms set forth within the agreement.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibit No. | Description | ||||||
10.1 | Separation Agreement and Release, dated as of April 9, 2025 | |||||||
104 | The cover page from the Company’s Current Report on Form 8-K, dated April 9, 2025, formatted in Inline XBRL. | |||||||
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SIGNATURE
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.
Date: April 14, 2025 | WEST PHARMACEUTICAL SERVICES, INC. | ||||
| By: | /s/ Kimberly Banks MacKay | ||||
| Kimberly Banks MacKay | |||||
Senior Vice President, General Counsel and Secretary | |||||
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EXHIBIT INDEX
Exhibit No. | Description | |||||||
10.1 | ||||||||
104 | The cover page from the Company’s Current Report on Form 8-K, dated April 9, 2025, formatted in Inline XBRL. | |||||||
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