8-KLeadership Changes

COMFORT SYSTEMS USA INC 8-K Report, Executive Changes (Jan 5, 2009)

Filed January 5, 2009For Securities:FIX

Summary

This Form 8-K filing from Comfort Systems USA, Inc. (FIX) reports on executive officer changes effective January 1, 2009. Notably, Brian E. Lane has been appointed as the new Executive Vice President and Chief Operating Officer, succeeding Thomas N. Tanner. Mr. Tanner transitions to the role of Executive Vice President — Corporate and Business Development. Investors should note the details of Mr. Lane's new compensation package, including a base salary of $273,000, potential performance-based bonuses ranging up to 145% of his salary, a monthly living allowance, and reimbursement of commuting expenses. His existing Executive Severance Policy and Change-in-Control Agreement remain in effect, with the latter stipulating a change-in-control payment equivalent to one year's base salary plus the greater of his current or average of the prior three years' bonuses.

Key Highlights

  • 1Brian E. Lane appointed as Executive Vice President and Chief Operating Officer, effective January 1, 2009.
  • 2Thomas N. Tanner transitions from COO to Executive Vice President — Corporate and Business Development.
  • 3Mr. Lane's new base salary is set at $273,000 USD.
  • 4Potential annual performance incentive for Mr. Lane ranges from 0% to 145% of his base salary.
  • 5Mr. Lane will receive a monthly living allowance and commuting expense reimbursement until August 2010.
  • 6Mr. Lane remains subject to the Company’s Executive Severance Policy and has a Change-in-Control Agreement with specific payout terms.

Frequently Asked Questions

The primary executive change is the appointment of Brian E. Lane as the new Executive Vice President and Chief Operating Officer, effective January 1, 2009. Thomas N. Tanner has moved from COO to the role of Executive Vice President — Corporate and Business Development.

Mr. Lane's new base salary is $273,000. His annual performance initiative can range from zero to 145% of his base salary. Additionally, he will receive a $2,000 monthly living allowance and reimbursement for commuting expenses through August 2010.

Mr. Lane's Change-in-Control Agreement includes a non-compete provision and provides for a payment equal to one times his annual base salary plus the greater of his current bonus or the average of his bonuses from the prior three years.

Yes, Mr. Lane joined Comfort Systems USA, Inc. in October 2003 and previously served as Vice President and then Senior Vice President for Region One.