Summary
Republic Services, Inc. (RSG) filed an 8-K on February 24, 2009, reporting on an amendment to the employment agreement for its executive, James E. O'Connor. The primary focus of this filing is the updated compensation structure for Mr. O'Connor, which reflects a significant increase in his base salary and target bonus, along with specific provisions for deferred compensation and participation in a new incentive plan. This amendment, effective retroactively from December 5, 2008, signals a continued investment in key executive talent. Investors should note the increased financial commitment to Mr. O'Connor, with a base salary rising to $1,100,000 and the target annual bonus percentage climbing to 130%. Additionally, a substantial deferred compensation credit of $2,250,000 is scheduled for early 2010, contingent on his continued employment. This filing provides insight into the company's executive compensation strategy during a dynamic economic period.
Key Highlights
- 1Republic Services, Inc. (RSG) amended the employment agreement for executive James E. O'Connor, effective December 5, 2008.
- 2Mr. O'Connor's base salary has been increased from $856,800 to $1,100,000.
- 3The target annual bonus percentage for Mr. O'Connor has been raised from 120% to 130%.
- 4The agreement includes a provision for a $2,250,000 credit to Mr. O'Connor's deferred compensation account on January 1, 2010, provided he is still employed.
- 5Mr. O'Connor will participate in the company's contemplated synergy incentive plan.
- 6The filing indicates the company's commitment to retaining and incentivizing key executive leadership.