8-KLeadership ChangesExhibits & Filings

COMFORT SYSTEMS USA INC 8-K Report, Executive Changes (Jan 19, 2022)

Filed January 19, 2022For Securities:FIX

Summary

Comfort Systems USA, Inc. (FIX) announced the resignation of Terrence Young, Senior Vice President – Service, effective January 14, 2022. The company entered into a Resignation and General Release Agreement with Mr. Young on January 18, 2022, outlining the terms of his departure. Under the agreement, Mr. Young will receive $75,000 in severance, payable throughout 2022. In exchange, he has forfeited his 2021 short-term incentive bonus and any outstanding equity awards. Furthermore, Mr. Young has agreed to continue adhering to non-competition, non-solicitation, and non-raiding covenants through the end of 2022 and has released the Company from all employment-related claims. He has also agreed to be available for information requests related to his former duties until December 31, 2022.

Key Highlights

  • 1Terrence Young resigns as Senior Vice President – Service, effective January 14, 2022.
  • 2Company entered into a Resignation and General Release Agreement with Mr. Young.
  • 3Mr. Young to receive $75,000 in severance, paid in installments during 2022.
  • 4Mr. Young forfeits 2021 short-term incentive bonus and outstanding equity awards.
  • 5Mr. Young agrees to continue restrictive covenants (non-competition, non-solicitation, non-raiding) through December 31, 2022.
  • 6Mr. Young provides a general release of all claims against the Company.
  • 7Mr. Young will be available for information requests regarding his former duties until December 31, 2022.

Frequently Asked Questions

Terrence Young was the Senior Vice President – Service at Comfort Systems USA, Inc.

The primary financial implication is the payment of $75,000 in severance to Mr. Young. The company also benefits from Mr. Young forfeiting his 2021 bonus and equity awards, and continuing restrictive covenants which protect the company's business interests.

The agreement includes a $75,000 severance payment to Mr. Young, forfeiture of his 2021 bonus and equity awards, continued adherence to non-competition and non-solicitation clauses through the end of 2022, a release of all claims against the company, and an agreement to assist with information requests until December 31, 2022.

Yes, Mr. Young has agreed to comply with non-competition, non-solicitation, and non-raiding covenants for the remainder of 2022, and to be available for reasonable requests for information related to his former duties until December 31, 2022.