JABIL INC.

(JBL)
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Delayed Nyse  -  05/20 04:00:02 pm EDT
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JABIL INC : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

12/09/2021 | 04:04pm EDT

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

           Appointment of Certain Officers; Compensatory Arrangements of Certain
           Officers


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 (the "Agreement").

"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 non-interference provisions.

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.

(d) Exhibits

The following exhibit is furnished herewith:



Exhibit
  No.      Description

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
           document.




*  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
   request.


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

© Edgar Online, source Glimpses

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