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.
Frequently Asked Questions
Jennifer L. Weber mutually agreed with Lowe's Companies, Inc. to terminate her employment. The separation is being treated as a termination without cause under the company's Severance Plan for Senior Officers.
Ms. Weber is entitled to receive $2,508,000 in severance pay, payable in installments over 24 months. She will also continue to participate in the company's health care plan during this period, subject to certain conditions.
Yes, Ms. Weber has agreed to a non-compete and non-solicitation agreement for a period of 18 months following her departure date. This includes not competing with Lowe's, not encouraging employees to leave, and not interfering with customer or vendor relationships.
The severance pay is subject to reduction by any cash compensation Ms. Weber receives from providing services to any third party during the 24-month severance period.