Summary
Casey's General Stores, Inc. (CASY) filed an 8-K on August 30, 2019, disclosing the departure of Cindi W. Summers, Senior Vice President - Human Resources, effective August 26, 2019. The company entered into a separation agreement with Ms. Summers, outlining her severance package and ongoing obligations. This event marks a change in key executive leadership within the human resources department.
Key Highlights
- 1Departure of Cindi W. Summers, Senior Vice President - Human Resources, effective August 26, 2019.
- 2A separation agreement and general release was provided to Ms. Summers.
- 3Severance package includes 12 months of base salary in a lump sum payment.
- 4Company will cover Ms. Summers' COBRA premiums for 12 months.
- 5Ms. Summers will forfeit any unvested equity-based awards.
- 6Ms. Summers is subject to confidentiality, non-competition, and non-solicitation covenants.
Frequently Asked Questions
The filing states that Ms. Summers resigned effective August 26, 2019, and the company provided a separation agreement in connection with her resignation. The specific reasons for her departure beyond resignation are not detailed in this filing.
Subject to the effectiveness of a release of claims, Ms. Summers will receive a lump sum payment equal to 12 months of her base salary and 12 months of her COBRA premiums.
Ms. Summers will forfeit any equity-based awards that have not yet vested as of her separation date. Only vested equity would typically be retained, but the filing specifically mentions forfeiture of unvested awards.
Yes, Ms. Summers is subject to confidentiality, non-competition, and non-solicitation covenants as part of the separation agreement.