Summary
Republic Services, Inc. (RSG) has filed an 8-K report detailing the retirement agreement with its Executive Vice President and Chief Financial Officer, Tod C. Holmes. Mr. Holmes, who previously announced his intent to retire on May 1, 2013, has entered into a formal retirement agreement that clarifies his transition and post-retirement obligations and compensation. The agreement outlines Mr. Holmes's commitment to assist in the selection of his successor and provide transition support, including consulting services through December 31, 2013, if requested. Importantly, the terms of his retirement compensation and benefits will remain consistent with his original employment agreement, regardless of whether his retirement occurs on May 1, 2013, or is accelerated by the Board of Directors. This filing provides clarity on executive transition and associated financial arrangements.
Key Highlights
- 1Tod C. Holmes, EVP and CFO, has formalized his retirement, with an effective date of May 1, 2013.
- 2Mr. Holmes will assist in the CFO succession planning and provide transition support.
- 3He has agreed to provide consulting services through December 31, 2013, if requested.
- 4His retirement compensation and benefits are protected, aligning with his existing employment agreement terms.
- 5The retirement date can be accelerated by the Board of Directors, with no change to his compensation and benefits.
- 6Mr. Holmes will receive an Accelerated Restricted Stock Award valued at $583,333, vesting over four years.