Summary
Casey's General Stores, Inc. (CASY) filed an 8-K on January 17, 2008, reporting the immediate resignation of John G. Harmon, Senior Vice President and Secretary, effective January 14, 2008. The company has entered into a severance agreement with Mr. Harmon that outlines his transition assistance, continued salary until April 30, 2008, and a pro-rata share of the 2008 fiscal year bonus. Further details of the severance package include annual payments of $71,250 for 20 years starting May 1, 2008, and continued group health insurance coverage for Mr. Harmon and his spouse for the same duration or until Medicare eligibility. The agreement includes mutual releases of claims, confidentiality obligations, and a three-year non-compete clause. The Board also appointed Brian Johnson as Director of Finance and Corporate Secretary.
Key Highlights
- 1John G. Harmon resigned as Senior Vice President and Secretary, effective January 14, 2008.
- 2A severance agreement was executed with Mr. Harmon on January 17, 2008.
- 3Mr. Harmon will receive continued salary through April 30, 2008, and a pro-rata 2008 bonus.
- 4The severance package includes annual payments of $71,250 for 20 years, commencing May 1, 2008.
- 5Company will continue group health insurance for Mr. Harmon and spouse for the duration of the severance payments or until Medicare eligibility.
- 6The agreement contains mutual releases, confidentiality provisions, and a three-year non-compete restriction.
- 7Brian Johnson has been appointed Director of Finance and Corporate Secretary, effective January 15, 2008.