Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 30, 2024, Derek Neilson resigned as President, Agriculture of CNH Industrial N.V. (“CNH”, or the “Company”), as well as from all other positions that he holds with the CNH group, effective as of September 30, 2024 (the “Effective Date”). The Company and Mr. Neilson entered into a letter agreement dated as of May 30, 2024, with respect to certain transition and compensation arrangements related to his resignation (the “Letter Agreement”). Pursuant to the Letter Agreement, Mr. Neilson will receive (i) a cash severance of £1,024,600 paid over 12 months, (ii) continued vesting of outstanding equity awards pro rata to the vesting period during which Mr. Neilson is employed, (iii) continued health care coverage for 12 months following the Effective Date, (iv) tax preparation assistance services with respect to income paid by the Company for 12 months following the Effective Date, and (v) eligibility, pursuant and subject to the rules of the applicable benefit plan, to drawdown Mr. Neilson’s pension benefits prior to age 65. The foregoing summary of the Letter Agreement is qualified in its entirety by reference to the Letter Agreement, a copy of which is included as Exhibit 10.1 hereto and incorporated by reference.
Item 7.01 Regulation FD Disclosure
On May 30, 2024, CNH issued a press release announcing the resignation of Derek Neilson as President, Agriculture. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Item 7.01 is being furnished and shall not be deemed “filed” with the Securities and Exchange Commission or otherwise incorporated by reference into any registration statement or other document filed pursuant to the Securities Act or the Securities Exchange Act of 1934, as amended.
