Effective August 29, 2011, Kevin W. McNair, age 52, was appointed Executive Vice President--Operations of BWAY Parent Company, Inc., BWAY Intermediate Company, Inc., BWAY Holding Company, Inc. and BWAY Corporation. Effective with the appointment, Mr. McNair replaces Dennis Bednar, who will remain with the company.Mr. McNair was employed pursuant to an offer letter which provides that, in addition to benefits generally available to all salaried employees, he is eligible to participant in the company's annual incentive plan at a target rate of 50%, he is eligible to receive a stock option award, subject to compensation committee approval, of 200,000 shares under the company's equity incentive plan, and he is eligible for an auto allowance. In addition, the offer letter provides that Mr. McNair is eligible for relocation benefits, including the purchase of his home, and is eligible to receive certain benefits upon termination for reasons other than cause.
During the past five years, Mr. McNair was employed by Rexam PLC as Director, Global Operations--Healthcare, from 2009, and as Director, Global Operations from 2007 to 2009. Prior to 2007, Mr. McNair was employed by Owens-Illinois, Inc., most recently as Vice President, Global Manufacturing Operations--Closures. Rexam PLC, a London, England, based global consumer packaging company, acquired the plastic packaging unit of Owens-Illinois, Inc. in 2007.
BWAY Intermediate Company, Inc., BWAY Holding Company, Inc. and BWAY Corporation are each direct or indirect 100% owned subsidiaries of BWAY Parent Company, Inc.
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.