Company: MATV
Filing Date: 2025-03-21
Form Type: DEF 14A
Source: 0001140361-25-009899
Chunk: 19

Company: Mativ Holdings, Inc.
Filing Date: 2025-03-21
Form: DEF 14A
Chunk 19
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ive Plan with a grant date value equal to $2,100,000, subject to a one-year cliff vesting requirement. The offer letter also contains customary employment terms and conditions. New Hire Compensation In connection with Mr. Elwart’s appointment as Group President, Sustainable and Adhesive Solutions, Mr. Elwart and the Company entered into an offer letter setting forth the initial terms of his employment, with the principal compensation elements as described above. In addition, Mr. Elwart was granted service-based RSUs, with a grant date fair value equal to $300,000 and which are scheduled to vest in equal installments on each of the first two anniversaries of the grant date, subject to his continued employment through each vesting date. Pursuant to the terms of his offer letter, Mr. Elwart was also awarded a sign-on bonus of $450,000, which Mr. Elwart must repay in full in the event that he voluntarily terminates his employment for any reason within 24 months of the payment date. The sign-on bonus and sign-on RSUs were awarded to induce Mr. Elwart to accept employment with the Company and were intended to replace compensation from his prior employer that he would forfeit upon accepting employment with the Company. Severance Plans In June 2024, the Company adopted the Executive Severance Plan, which superseded and replaced the Amended and Restated Neenah Executive Severance Plan. The Committee approved the Executive Severance Plan in order to, among other things, attract and retain key talent and ensure continuity of the business in the event of a change in control of the Company. The Executive Severance Plan was modeled on the Amended and Restated Neenah Executive Severance Plan and the terms of the Executive Severance Plan were determined after considering market practices and the input of Meridian. Based on such review, the Executive Severance Plan was modified to (i) increase the pre-change in control severance multiples from one-and-a-half for the Chief Executive Officer and one for the other NEOs to two and one-and-a-half, respectively, (ii) increase the post-change in control severance multiples from two times for the Chief Executive Officer and one and half times for the other NEOs to three times and two times, respectively, (iii) enhance the pre-change in control severance benefits to include pro-rated bonus payouts, COBRA continuation and equity vesting and (iv) add outplacement benefits for both pre-and post-change in control terminations, each as described further