8-KLeadership ChangesOther EventsExhibits & Filings

REPUBLIC SERVICES, INC. 8-K Report, Executive Changes (Jun 24, 2014)

Filed June 24, 2014For Securities:RSG

Summary

Republic Services, Inc. (RSG) announced a board update through an 8-K filing on June 24, 2014. The key event is the election of Manuel (Manny) Kadre, a 48-year-old individual, to the Board of Directors, effective June 24, 2014. Mr. Kadre's appointment is accompanied by details of his compensation as a non-employee director, which includes annual grants of restricted stock units (RSUs) and an annual cash retainer. The RSUs vest immediately and are distributed in common stock after three years, with the 2014 grant being prorated. He will also receive dividend equivalents in the form of additional RSUs. The company also filed a press release as an exhibit detailing this appointment.

Key Highlights

  • 1Republic Services elected Manuel (Manny) Kadre to its Board of Directors, effective June 24, 2014.
  • 2Mr. Kadre will receive compensation as a non-employee director, aligning with existing company policies.
  • 3His compensation includes an annual grant of 7,500 restricted stock units (RSUs).
  • 4These RSUs vest immediately and will be distributed in Republic common stock three years after the grant date.
  • 5Mr. Kadre will also receive an annual cash retainer of $80,000.
  • 6He is eligible for dividend equivalents on his RSUs in the form of additional RSUs.
  • 7The company issued a press release on June 24, 2014, to announce this board appointment.

Frequently Asked Questions

Manuel (Manny) Kadre has been elected to serve on the Board of Directors of Republic Services, Inc., effective June 24, 2014.

The new board member, Mr. Kadre, will receive an annual grant of 7,500 restricted stock units (RSUs) that vest immediately and are distributed in common stock three years later. He will also receive an annual cash retainer of $80,000 and dividend equivalents on his RSUs.

The appointment itself is not expected to have a material immediate financial impact. Mr. Kadre's compensation is in line with the company's established compensation plan for non-employee directors, and the RSUs will be distributed in the future.

The press release, filed as Exhibit 99.1, was issued to formally announce Mr. Kadre's election to the Board of Directors to the public and investors.