Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On March 23, 2021, the Board of Directors (the "Board") of Republic Services,
Inc. ("Republic") elected Brian S. Tyler, 54, to serve on the Board, effective
April 1, 2021. Mr. Tyler will initially be a member of the Audit Committee as
well as the Sustainability & Corporate Responsibility Committee.
Mr. Tyler will receive equity and cash compensation in accordance with
Republic's previously adopted compensation arrangements for non-employee
directors, including: (1) an annual grant of restricted stock units ("RSUs")
that have a fair market value of $230,000 as of the grant date, with the grant
for 2021 to be prorated for the portion of the year following his election to
the Board; and (2) an annual retainer of $100,000 to be prorated for the portion
of 2021 following his election to the Board. In addition, at the end of any
quarter in which dividends are distributed to stockholders, Republic's
non-employee directors, including Mr. Tyler, receive additional RSUs with a
value (based on the closing price of Republic common stock on the dividend
payment date) equal to the value of dividends they would have received on all
RSUs they held on the dividend payment date. The RSUs vest immediately upon
grant and will be settled through the issuance of shares of Republic common
stock upon the director's termination of service from the Board or three years
after they are granted, unless they are deferred into Republic's Deferred
Compensation Plan.
There is no arrangement or understanding between Mr. Tyler and any other persons
pursuant to which he was selected as a director. Mr. Tyler has no direct or
indirect material interest in any transaction required to be disclosed pursuant
to Item 404(a) of Regulation S-K.
Item 8.01 Other Events.
On March 26, 2021, Republic issued a press release announcing Mr. Tyler's
election to the Board. A copy of this press release is incorporated herein by
reference as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
99.1 Press release of Republic Services, Inc. dated March 26, 2021 to
announce the election of Mr. Tyler.
104 Cover Page Interactive Data File - the cover page XBRL tags are
embedded within the Inline XBRL document
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