Wabtec Corporation

09/14/2021 | Press release | Distributed by Public on 09/14/2021 14:52

Management Change/Compensation (Form 8-K)

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously announced by Westinghouse Air Brake Technologies Corporation (the 'Company') on August 11, 2021, Patrick A. Dugan, Executive Vice President Finance and Chief Financial Officer, will leave the Company to pursue other opportunities, and is expected to do so in the fourth quarter of 2021.

On September 9, 2021, the Company and Mr. Dugan entered into a Transition Agreement (the 'Agreement') whereby Mr. Dugan will receive a cash payment of $2,520,000 (two times the sum of his annual salary and his targeted 2021 bonus), reimbursement of certain expenses, accelerated vesting of his outstanding stock option and restricted stock awards, eligibility to receive a pro-rated award of performance units and continued participation in Wabtec's healthcare plans for 24 months. The Agreement also includes customary release, non-competition and non-solicitation provisions.