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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Beacon Roofing Supply, Inc.    BECN

BEACON ROOFING SUPPLY, INC.

(BECN)
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BEACON ROOFING SUPPLY INC : Change in Directors or Principal Officers (form 8-K)

09/11/2020 | 04:31pm EST

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

          Appointment of Certain Officers; Compensatory Arrangements of Certain
          Officers



On September 10, 2020, Beacon Roofing Supply, Inc. (the "Company") and Beacon Sales Acquisition, Inc. updated existing restrictive covenant agreements with senior management by entering into a new comprehensive Executive Severance and Restrictive Covenant Agreement (the "Severance Agreement") with each of Julian G. Francis, Frank A. Lonegro, C. Eric Swank, Christopher A. Harrison, Ross D. Cooper and certain other members of senior management (each, an "Executive" and collectively, the "Executives"). The Board of Directors of the Company, upon the recommendation of its Compensation Committee, approved the Severance Agreement after reviewing the Company's existing Restrictive Covenant Agreements to Accompany Special Restricted Stock Unit Awards (the "Original Restrictive Covenant Agreement") and consulting with its independent compensation consultant regarding competitive market practices. The Severance Agreement supersedes each Executive's Original Restrictive Covenant Agreement with the Company.

Restrictive Covenants. The Severance Agreement contains non-competition provisions continuing through a restriction period. The restriction period is 12 months in the case of termination by the Company for cause or by Executive without good reason. The restriction period is 24 months (36 months in the case of the CEO) in the case of a termination by the Company without cause or by Executive for good reason. In the case of a 12-month restriction period (termination for cause or voluntary resignation without good reason), the non-competition provisions shall apply broadly with respect to industry participants. In the case of a 24-month or 36-month restriction period (termination without cause or for good reason), the non-competition provisions shall only apply with respect to a list of industry participants identified in, or pursuant to, the Severance Agreement. During the applicable restriction period, the Executive will be subject to covenants with respect to non-solicitation, non-disparagement, and non-endorsement of competing products. The Executives are also subject to a perpetual confidentiality covenant.

Executive Severance. In the event the Company terminates an Executive without cause or an Executive terminates for good reason, the Company shall provide the Executive with the following payments and benefits:

   •  18 months of annual base salary (24 months in the case of the CEO), paid in
      equal periodic installments on the Company's regular payroll dates;


   •  150% (200% in the case of the CEO) of the Executive's target annual cash
      incentive, paid in equal periodic installments over the salary continuation
      period;


   •  the annual cash incentive with respect to any fiscal year completed prior to
      the termination date but not yet paid, paid in a lump sum on the date such
      cash incentive is paid to other employees;


   •  to the extent Executive elects health benefit continuation under COBRA,
      continued participation in Beacon's health plan at active employee rates for
      12 months (18 months in the case of the CEO); and


   •  continued vesting in all unvested equity awards that are scheduled to vest
      in the 12-month period following the termination date.



Executive's receipt of the above payments and benefits is conditioned upon the execution and delivery, not subsequently revoked, of a waiver and release of claims.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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