Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

In response to recent market uncertainty related to the coronavirus (COVID-19) pandemic, Joseph J. DeAngelo, Chairman, President and Chief Executive Officer of HD Supply Holdings, Inc. and HD Supply, Inc. (collectively, the "Company"), informed the Company's Board of Directors and Compensation Committee of the Board on March 27, 2020 that he wished to voluntarily waive his annual base salary for the remainder of the year. On the same date, the Compensation Committee approved Mr. DeAngelo's request effective on the next regular payroll on April 6, 2020, except for amounts necessary to cover (a) pretax payroll deductions for medical coverage that are irrevocable under the tax rules applicable to cafeteria plans, and (b) payroll deductions for charitable contributions to the HD Supply Helping Hand Fund, a 501(c)(3) disaster relief fund for employees of HD Supply and their families. All other elements of Mr. DeAngelo's compensation remain unchanged.

The information contained in Item 7.01 concerning Mr. DeAngelo's compensation is hereby incorporated into this Item 5.02 by reference.

Item 7.01. Regulation FD Disclosure.

On March 30, 2020, HD Supply Holdings, Inc., HD Supply, Inc.'s parent company, issued a press release, filed as Exhibit 99.1 and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.





(d) Exhibits



Exhibit No.                            Description of Exhibit
  99.1            Press Release "HD Supply Provides Update on Planned Business Unit
                Separation Amid COVID-19 Pandemic and Updates Previously Announced
                Liquidity Position," dated March 30, 2020
104             Cover Page Interactive Data File (embedded within the inline XBRL
                document)

© Edgar Online, source Glimpses