Summary
This 8-K filing by Lowe's Companies Inc. announces the departure of Jennifer L. Weber, Executive Vice President, Human Resources, effective April 6, 2020. The separation was mutually agreed upon and is being treated as a termination without cause under the company's Severance Plan for Senior Officers. Ms. Weber will receive significant severance payments totaling $2,508,000, payable over 24 months, and continued health care coverage during this period, subject to offsets for any new employment compensation. She has also agreed to non-compete and non-solicitation clauses for 18 months post-departure. Investors should note this executive change and the associated financial impact of the severance package.
Key Highlights
- 1Departure of Jennifer L. Weber, Executive Vice President, Human Resources, effective April 6, 2020.
- 2The termination was mutually agreed upon and classified as 'without cause' for severance purposes.
- 3Ms. Weber will receive $2,508,000 in severance pay over 24 months.
- 4Continued health care benefits provided during the severance period.
- 5Severance pay is subject to reduction by any compensation earned from third-party employment.
- 6Ms. Weber has agreed to an 18-month non-compete and non-solicitation agreement.
- 7The separation agreement includes a 7-day revocation period for Ms. Weber.