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Enpro (NPO) has shared an announcement.
Enpro Inc. and their Executive VP and CFO, J. Milton Childress II, have revised their Management Continuity Agreement to remove tax gross-up payments in the event of a change in company control and subsequent termination of Mr. Childress’s employment. The updated agreement now includes a scale-back clause ensuring that, after taxes, Mr. Childress would retain a larger sum if his severance payments were subject to excise tax. This change aligns with the company’s current standard for officer agreements implemented since 2012 and signifies the end of such tax gross-up provisions within the company.
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