Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 22, 2013, Molycorp, Inc. (the “Company”) and each of John F. Ashburn, Jr. and John L. Burba, PhD. (together, the “Executives”) entered into a Separation Agreement and General Release to set forth the terms and conditions of the Executives’ separation from service with the Company (for each, the “Separation Agreement”) and a Consulting Agreement to set forth the terms and conditions of the Executives’ ongoing transitional consulting services to the Company (for each, the “Consulting Agreement”). As memorialized in the Separation Agreements, Mr. Ashburn’s service as the Company’s Executive Vice President and General Counsel, and Mr. Burba’s service as the Company’s Executive Vice President and Chief Technology Officer, separated from service on March 22, 2013, and each Executive resigned from all positions he held as an officer and/or director of the Company’s subsidiaries and affiliates, as applicable, effective as of March 22, 2013. In addition, on March 22, 2013, the Company elevated Geoffrey R. Bedford, the Company’s then-Executive Vice President of Rare Earths and Magnetics, to the offices of Executive Vice President and Chief Operating Officer.
The Separation Agreements provide that each Executive will release the Company and certain other parties from any and all claims, causes of action and demands arising on or prior to March 22, 2013 (the “Release”). As set forth in the Separation Agreements, each Executive has a period of seven days from signing the Separation Agreement within which to revoke the Release, which period will expire on March 29, 2013.
If the Executives do not revoke the Releases within the seven-day revocation period, each will be entitled to the following payments in accordance with their Amended and Restated Executive Employment A