Summary
This 8-K/A filing from Republic Services, Inc. (RSG) details the separation agreement with former Executive Vice President and Chief Operating Officer, Timothy E. Stuart, whose employment terminated on August 17, 2023. The agreement outlines the financial and benefit-related terms provided to Mr. Stuart as part of his departure. Investors should note the specific terms of the separation package, which include a cash payment of $1.42 million over 24 months, a prorated 2023 annual bonus, prorated performance share units (PSUs) for the 2021-2023 period, continued vesting of equity awards for one year, and extended health plan benefits for up to two years. In return, Mr. Stuart has released the company from claims and agreed to ongoing confidentiality, non-disparagement, and cooperation obligations, as well as pre-existing non-competition and non-solicitation covenants.
Key Highlights
- 1Timothy E. Stuart, former EVP and COO, separated from Republic Services on August 17, 2023.
- 2A separation agreement was entered into on August 26, 2023.
- 3The company will pay Mr. Stuart $1,420,000 in equal installments over 24 months.
- 4Mr. Stuart will receive a prorated 2023 annual bonus and prorated 2021-2023 performance share units (PSUs).
- 5Vesting of existing equity awards will continue for one year post-termination.
- 6Health plan benefits will continue for up to two years under COBRA.
- 7Mr. Stuart has released the company from claims and agreed to ongoing restrictive covenants and cooperation.