Summary
Republic Services, Inc. (RSG) filed an 8-K on December 24, 2014, detailing an amendment to the employment agreement of its Chief Executive Officer and President, Donald W. Slager, effective December 23, 2014. This amendment primarily addresses the terms and conditions of his compensation and benefits in the event of death or retirement. Key changes include the elimination of a cash payment to his estate equal to three times his base salary upon death, and the termination of all unvested equity awards in such an event. Upon retirement, performance-based equity awards will immediately vest but will pay out according to their original schedules. Additionally, Mr. Slager has agreed to provide transition assistance to his successor following his retirement.
Key Highlights
- 1Amendment to CEO Donald W. Slager's employment agreement effective December 23, 2014.
- 2Eliminates a three-times base salary cash payment to Mr. Slager's estate upon death.
- 3Unvested stock options, restricted stock, and restricted stock units will terminate upon Mr. Slager's death.
- 4Performance shares and performance units will vest immediately upon Mr. Slager's retirement.
- 5Vested performance equity will pay out according to the original performance period schedules, even after retirement.
- 6Mr. Slager will provide reasonable assistance to his successor post-retirement.
- 7The filing includes the First Amendment to the Employment Agreement as Exhibit 10.1.