Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On August 18, 2022, JELD-WEN Holding, Inc. (the "Company") entered into a
Departure and Release Agreement with David Guernsey, EVP, Strategic Programs.
Mr. Guernsey will transition his responsibilities over the next 30 days and his
last day with the Company will be on September 16, 2022. Mr. Guernsey will be
available on a consultation basis for one year after his departure, and in
exchange, the restricted stock units and performance stock units granted to him
on February 11, 2020 will vest in accordance with the terms of such restricted
stock units and performance stock units (based on actual performance), as
applicable, on February 11, 2023 as if he were still employed by the Company.
In connection with his departure, Mr. Guernsey will receive the separation
payments and benefits provided under his employment agreement for a qualifying
termination. Additionally, he will receive a lump sum cash payment equivalent to
12 months of COBRA coverage and outplacement services. Mr. Guernsey will
continue to be subject to certain restrictive covenants, including
non-competition and non-solicitation covenants.
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