Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Mr. Michael J. Loparco, Executive Vice President and CEO Electronic
Manufacturing Services of Jabil Inc. ("Jabil") will retire effective
November 30, 2022 (the "Effective Date"). In connection therewith, Mr. Loparco
entered into a Mutual Separation Agreement and Release dated December 5, 2021
"We thank Mike for his 23 years of service to Jabil where he demonstrated his
deep commitment to our customers, our employees and the communities we serve.
Mike's tireless stamina, relentless work ethic, deep understanding of our
business, and commitment to our values have left a tremendous impact on Jabil,"
said Mark Mondello, Chairman of the Board and Chief Executive Officer of Jabil.
The Agreement provides that Mr. Loparco will receive a severance payment of
$700,000 payable on or immediately after the Effective Date. Mr. Loparco will
also receive $700,000 representing his target annual cash incentive under
Jabil's Short Term Incentive Plan for fiscal year 2022 payable when other
officers of Jabil receive payments under such plan for fiscal year 2022. The
Agreement further provides that, with respect to his outstanding equity and
equity-based awards, Jabil will abide by the terms of the applicable award
agreements. Mr. Loparco will be entitled to continuation of group medical
insurance coverage subsidized by Jabil for the lesser of 18 months or until he
becomes eligible for enrollment in group health coverage of a successor
employer. Under the Agreement, Mr. Loparco will be subject to (a) a general
release of claims and a covenant not to sue, (b) confidentiality and
non-disparagement provisions, and (c) non-compete, non-solicitation, and
non-interference provisions for a period of two years after the Effective Date.
Amounts payable to Mr. Loparco under the Agreement are subject to forfeiture
and/or claw back in the event of a violation or threatened violation of the
confidentiality, non-disparagement, non-compete, non-solicitation, and
The foregoing summary is qualified in its entirety by reference to the
Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K
and incorporated by reference.
Item 9.01. Financial Statements and Exhibits.
The following exhibit is furnished herewith:
10.1* Mutual Separation Agreement and Release dated as of December 5, 2021
between Jabil Inc. and Michael J. Loparco.
104 Cover Page Interactive Data File - Embedded within the inline XBRL
* Certain portions of this exhibit have been redacted pursuant to Item
601(b)(10)(iv) of Regulation S-K. Jabil agrees to furnish supplementally an
unredacted copy of the exhibit to the Securities and Exchange Commission upon
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