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Actionable news in AXTA: AXALTA COATING SYSTEMS Ltd.,

Departure of Directors or Certain

On November 10, 2015, the Compensation Committee of the Board of Directors of Axalta Coating Systems Ltd. (the

Company

) authorized the Company to enter into an Executive Restrictive Covenant and Severance Agreement (collectively, the

Agreements

) in an approved form with each of the Companys named executive officers. The Agreements are intended to replace the individual employment agreements entered into between the Company and each named executive officer at the time of hire prior to the Companys initial public offering. Those original employment agreements were negotiated individually and the terms and conditions vary among the named executive officers. The new Agreements are intended to standardize the various terms and conditions among the named executive officers, inc luding the restrictive covenants and severance practices for the named executive officers. In particular, the Agreements tie the length of the non-competition and non-solicitation periods to the amount of severance benefit a named executive officer is entitled to receive.

The restrictive covenants in the Agreements, among other things, prohibit the executives from competing with the Company for a period of 12-24 months following the termination of the executives employment or soliciting the Companys customers or employees for a period of 18-24 months following termination. In addition, the Agreements contain non-disparagement, confidentiality and...


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