8-KLeadership ChangesExhibits & Filings

Burlington Stores, Inc. 8-K Report, Executive Changes (Apr 4, 2022)

Filed April 4, 2022For Securities:BURL

Summary

Burlington Stores, Inc. announced the upcoming retirement of its Executive Vice President and Chief Financial Officer, John Crimmins, effective August 31, 2022, or earlier upon the appointment of his successor. Mr. Crimmins will transition to a consulting role for 180 days post-retirement to ensure a smooth handover and leverage his expertise. This transition is accompanied by arrangements regarding his compensation and equity awards. Mr. Crimmins' outstanding stock options and restricted stock units will continue to vest through the consulting period, and he remains eligible for a pro-rated bonus for fiscal year 2022 based on his service. Investors should note that while this filing details the retirement, the full terms are outlined in a separate letter agreement filed as an exhibit.

Key Highlights

  • 1John Crimmins, EVP and CFO, to retire effective August 31, 2022, or upon successor's start date.
  • 2Mr. Crimmins will provide consulting services for 180 days after his retirement date.
  • 3Outstanding stock options and restricted stock units will continue to vest during the consulting period.
  • 4Pro-rata vesting of equity awards will include the consulting period.
  • 5Mr. Crimmins is eligible for a pro-rated bonus for fiscal year 2022.
  • 6A letter agreement detailing the terms of his consulting and compensation has been filed.
  • 7The company issued a press release on April 4, 2022, announcing the retirement.

Frequently Asked Questions

Mr. Crimmins' last day as Executive Vice President and Chief Financial Officer will be effective as of the earlier of August 31, 2022, or the date his successor commences employment.

Yes, Mr. Crimmins has agreed to provide consulting services to the Company for a period of 180 days after his termination date of August 31, 2022.

Mr. Crimmins' outstanding stock options, performance-based restricted stock units, and time-based restricted stock units will continue to vest based on his continued service during the consulting period. The pro-rata vesting will include this consulting period.

Yes, Mr. Crimmins will remain eligible for a bonus under the annual incentive program for performance through his termination date. This bonus will be determined based on actual Company performance during fiscal year 2022 and will be pro-rated based on his service during fiscal year 2022 through his termination date.