8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) June 12, 2014

 

 

VISTEON CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-15827   38-3519512

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

One Village Center Drive, Van Buren Township, Michigan   48111
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code (800)-VISTEON

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT

Item 5.02. Departure of Directors or Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) On June 12, 2014, Visteon Corporation (the “Company”) and Timothy D. Leuliette, the Company’s President and Chief Executive Officer, entered into an amendment to Mr. Leuliette’s employment agreement (the “Amendment”) to the extend the term thereof through December 31, 2017. Pursuant to the Amendment, Mr. Leuliette will continue to be eligible for annual incentive opportunities, based on a target opportunity of at least 125% of his annual base salary, and will become eligible for long-term incentive opportunities beginning in 2016, based on a target opportunity of at least $5 million. Finally, the Amendment also provides for the elimination of the existing perquisite payment of $60,000 after December 31, 2015, but that Mr. Leuliette’s salary would be increased by $30,000 at such time.

The foregoing description of Amendment is qualified in its entirety by reference to the full text of the agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated in this Item 5.02 by reference.

Item 5.07. Submission of Matters to a Vote of Security Holders.

 

(a) The annual meeting of stockholders of the Company was held on June 12, 2014.

(b) At the annual meeting, the stockholders elected the Company’s eight nominees for director to serve for a one-year term beginning at the 2014 annual meeting and expiring at the 2015 annual meeting of stockholders. The stockholders also ratified the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for fiscal year 2014, and approved the Company’s executive compensation. The final voting results are set forth below.

 

  (1) Election of directors (majority voting):

 

Nominee

    Shares
For		      Shares
Against		      Shares
Abstain		      Broker
Non-Votes		  

Duncan H. Cocroft

      38,226,127         734,144         7,480         4,017,703   

Jeffrey D. Jones

      38,797,340         162,422         7,989         4,017,703   

Timothy D. Leuliette

      38,832,716         127,570         7,465         4,017,703   

Robert J. Manzo

      38,297,697         662,576         7,478         4,017,703   

Francis M. Scricco

      38,833,348         126,926         7,477         4,017,703   

David L. Treadwell

      38,225,570         730,360         11,821         4,017,703   

Harry J. Wilson

      38,828,999         132,876         5,876         4,017,703   

Yuen Kam Ho, George

      38,646,833         313,283         7,635         4,017,703   

 

  (2) Ratification of the appointment of Ernst & Young LLP:

 

Shares For

   

Shares Against

   

Shares Abstain

   

Broker Non-Votes

41,749,404    1,191,713    44,337    N/A

 

  (3) Provide advisory approval of the Company’s executive compensation:

 

Shares For

   

Shares Against

   

Shares Abstain

   

Broker Non-Votes

34,295,597    4,338,689    333,465    4,017,703

 

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SECTION 8 – OTHER EVENTS

Item 8.01. Other Events.

On June 12, 2014, the Board of Directors of the Company re-appointed Mr. Francis M Scricco as the non-executive Chairman of the Board of Directors of the Company.

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

Item 9.01. Financial Statements and Exhibits.

 

Exhibit
No.

  

Description

10.1   Amendment to Employment Agreement, dated June 12, 2014, between Visteon Corporation and Timothy D. Leuliette.

 

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SIGNATURE

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.

 

            VISTEON CORPORATION
Date: June 16, 2014     By:  

/s/ Peter M. Ziparo

      Peter M. Ziparo
      Vice President and General Counsel

 

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EXHIBIT INDEX

 

Exhibit
No.

   

Description

   

Page

10.1    Amendment to Employment Agreement, dated June 12, 2014, between Visteon Corporation and Timothy D. Leuliette.   

 

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