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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: May 17, 2010
(Date of earliest event reported)
RTI International Metals, Inc.
(Exact Name of Registrant as Specified in Its Charter)
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Ohio
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001-14437
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52-2115953 |
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(State or Other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.) |
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Westpointe
Corporate Center
One, 5th
Floor
1550 Coraopolis
Heights Road
Pittsburgh,
Pennsylvania
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15108-2973 |
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(Address of Principal
Executive Offices)
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(Zip Code) |
(412) 893-0026
(Registrants Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 240.13e-4(c))
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ITEM 5.02. DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF
CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
As reported in the Current Report on Form 8-K filed by RTI International Metals, Inc. (NYSE: RTI)
(the Company or RTI) on April 12, 2010 (the Initial 8-K), the Company announced that,
effective May 17, 2010, James L. McCarley would assume the title of Executive Vice President
Operations of the Company. At the time of filing of the Initial 8-K, we noted that we expected to
enter into an employment agreement on terms identical to those letter agreements previously entered
into between the Company and its other executive officers. Item 5.02 of the Initial 8-K is hereby
amended to add the information provided below regarding the terms of Mr. McCarleys letter
agreement and related documents.
(c) On May 17, 2010, the Company entered into a letter agreement setting forth the initial terms of
Mr. McCarleys employment. Per the terms of the letter, Mr. McCarley will be employed by RTI for a
period beginning May 17, 2010 through May 16, 2013. Mr. McCarleys employment will be automatically
extended for additional one year periods until he attains age sixty-five unless either the Company
or Mr. McCarley gives prior notice that the agreement will not be renewed. The Company may
terminate the agreement at any time for any reason including cause as defined in the agreement.
If Mr. McCarleys employment is terminated for cause he will be entitled to no further
compensation except for any base salary accrued and unpaid on the date of termination. If the
Company terminates his employment other than for cause, the provisions of the Executive
Severances Policies described below will be effective.
Mr. McCarley has agreed not to compete with the Company or be involved with any business that
has as its principal business the production of titanium or titanium-related mill products or that
competes with the Company in the fabrication of titanium or titanium-related parts or products; not
to solicit the business of any Company customer, supplier or licensee; and not to induce or attempt
to influence any employee of RTI or its affiliates to terminate his employment with RTI or its
affiliate; provided, however, that such restrictions shall not apply if his employment is
terminated following a Change in Control of the Company, as such term is defined in the Companys
Executive Change in Control Severance Policy, and he is entitled to benefits under such policy.
These covenants apply during the period equal to the longer of twelve months after termination of
employment or the period during which Mr. McCarley is receiving any severance benefits.
As with the Companys other executive officers, Mr. McCarley will be subject to the Companys
Executive Non-Change in Control Severance Policy and its Executive Change in Control Severance
Policy; provided, however, that Mr. McCarley will not be entitled to receive any gross-up
payments under the Executive Change in Control Severance Policy for any excise tax imposed by
Section 4999 of the Internal Revenue Code. The terms of the Companys Executive Change in Control
Severance Policy and its Executive Non-Change in Control Severance Policy are detailed under the
captions Executive Change in Control Severance Policy and Executive Non-Change in Control
Severance Policy set forth on pages 39 and 40, respectively, of the Companys current proxy
statement on Schedule 14A filed with the Securities and Exchange Commission on April 2, 2010.
Mr. McCarley also became a party to the Indemnification Agreement in place between the Company
and its directors and certain executive officers, which provides enhanced indemnification
protection as it relates to his position with the Company.
Copies of the letter agreement and the current form of Indemnification
Agreement are included
with this report as Exhibit 10.1 and Exhibit 10.2,
respectively. The foregoing description of those agreements
are qualified in their entirety by reference to the full text of the Exhibits filed with this
report, and are incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being filed pursuant to Item 601 of
Regulation S-K and General Instruction B2 to this Form 8-K:
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Exhibit |
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No. |
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Description |
10.1
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Letter Agreement between RTI International Metals, Inc. and
James L. McCarley, dated May 17, 2010 |
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10.2
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Form of Indemnification Agreement |
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 thereunto duly authorized.
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RTI INTERNATIONAL METALS, INC.
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Date: May 20, 2010 |
By: |
/s/Chad Whalen
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Name: |
Chad Whalen |
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Title: |
Vice President, General Counsel & Secretary |
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Exhibit Index
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Exhibit No. |
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Description |
10.1
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Letter Agreement between RTI International
Metals, Inc. and James L. McCarley, dated
May 17, 2010 |
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10.2
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Form of Indemnification Agreement |