Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
As of April 15, 2021, Monro, Inc. (the "Company") and Maureen Mulholland, the
Company's Executive Vice President - Chief Legal Officer and Secretary, entered
into a letter agreement (the "Agreement") pursuant to which Ms. Mulholland is
entitled to certain payments upon termination or a change in control of the
Company.
Under the Agreement, if Ms. Mulholland is terminated without Cause or resigns
for Good Reason (both as defined in the Agreement) and signs a general release
in favor of the Company, she is entitled to (1) base salary earned through the
date of termination; (2) one year's annual base salary; (3) pro rata bonus based
on the number of days she was employed during the applicable fiscal year;
(4) the immediate vesting of time-vesting equity awards, exercisable for 90 days
after the separation date; and (5) pro rata portion of performance-vesting
equity awards based on the performance period and achievement of applicable
goals. Ms. Mulholland will be entitled to the same compensation if she is
terminated or resigns for Good Reason within two years of a Change in Control
(as defined in the Agreement), except that she will be entitled to two years' of
base salary payable after the separation date instead of one year.
A copy of the Agreement is attached to this Current Report as Exhibit 10.67 and
incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are furnished as part of this Report:
Exhibit
Number Description
10.67 Letter Agreement by and between Monro, Inc. and Maureen Mulholland,
dated April 15, 2021
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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