01—Abstract
Summary
Summary of the 8-K filed September 16, 2025. Cited figures are marked; the original filing is the authoritative source.
TD SYNNEX Corporation filed this Form 8-K under Item 5.02 to disclose the retirement of Simon Leung, Chief Business Officer, effective September 1, 2025.
The filing states that his retirement was previously announced, and that the Company entered into a severance agreement with him, effective September 10, 2025, in consideration of his performance through the current fiscal year and in connection with his resignation and his execution and ongoing compliance with the Company's customary release of claims. Under the agreement, Mr. Leung receives salary continuation for 24 months, payment of his fiscal year 2025 Management Incentive Plan bonus at the target amount of approximately $348,500,a and a lump sum payment of $5,000. His outstanding unvested restricted stock, restricted stock unit and stock option awards accelerate, with performance-based restricted stock units vesting at target and prorated based on time in the performance period to September 1, 2025.
The exercise period for his outstanding stock options is extended to twelve months following September 1, 2025. The agreement contains restrictive covenants, including a non-competition and non-solicitation provision for the Company's benefit. The full agreement is filed as Exhibit 10.1, with certain schedules and information omitted under Regulation S-K Items 601(a)(5), 601(a)(6) and/or 601(b)(10)(iv), and the Company undertakes to furnish omitted material to the SEC upon request.
02—Key points
Key Highlights
- Simon Leung, Chief Business Officer, retired from TD SYNNEX effective September 1, 2025, as previously announced.
- Severance agreement effective September 10, 2025, conditioned on Mr. Leung's execution and ongoing compliance with the Company's customary release of claims.
- Salary continuation for 24 months to Mr. Leung.
- Fiscal year 2025 Management Incentive Plan bonus paid at target, approximately $348,500.
- Accelerated vesting of outstanding restricted stock, restricted stock unit and stock option awards, with performance-based RSUs assumed at target and prorated to September 1, 2025.
- Stock option exercise period extended to twelve months following September 1, 2025, and a $5,000 lump sum payment.
- Agreement includes non-competition and non-solicitation covenants in the Company's favor; full agreement filed as Exhibit 10.1.
03—Questions
Frequently Asked Questions
Who is departing and when did the departure take effect?
Simon Leung, Chief Business Officer of TD SYNNEX Corporation, retired from the Company effective September 1, 2025. The filing states this was previously announced.
What compensation does the departing executive receive?
Mr. Leung receives salary continuation for 24 months, a fiscal year 2025 Management Incentive Plan bonus at the target amount of approximately $348,500, accelerated vesting of outstanding equity awards, extended stock option exercise rights of twelve months after September 1, 2025, and a $5,000 lump sum payment.
What conditions apply to the severance benefits?
The benefits are tied to Mr. Leung's execution and ongoing compliance with the Company's customary release of claims. The agreement also contains restrictive covenants, including non-competition and non-solicitation provisions for the Company's benefit.
How were the performance-based equity awards treated?
Performance-based restricted stock unit awards vest assuming Company performance at target, prorated based on the time in the performance period through September 1, 2025.
Where can investors find the full terms of the agreement?
The full agreement is filed as Exhibit 10.1 to the 8-K. Certain schedules and information were omitted under Regulation S-K, and the Company undertakes to furnish omitted schedules or exhibits to the SEC upon request.
04—Continue