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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Tractor Supply Company    TSCO

TRACTOR SUPPLY COMPANY

(TSCO)
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TRACTOR SUPPLY CO /DE/ : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

10/16/2020 | 05:25pm EST

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 14, 2020, Tractor Supply Company (the "Company") entered into a transition agreement (the "Transition Agreement") with Benjamin F. Parrish, Jr., the Company's Executive Vice President, General Counsel and Corporate Secretary. Pursuant to the Transition Agreement, Mr. Parrish has agreed to continue in his role until his successor is found and assist the Company in the transition of his duties for a period of thirty (30) days after his successor is employed by the Company (the "Initial Transition Period"). Mr. Parrish has also agreed, if requested by the Company, to continue to assist in the transition of his duties to his successor until the later of March 31, 2021 and ninety (90) days following the Initial Transition Period (the "Additional Transition Period"). Mr. Parrish has also agreed to be bound by certain non-disparagement, non-competition, non-solicitation and confidentiality provisions, in each case as set forth in the Transition Agreement, and has agreed to execute a general release of claims against the Company. In exchange for the release, the restrictive covenants and his agreement to provide transition services, Mr. Parrish will be entitled to the following: (i) continuation of his base salary through the Initial Transition Period and $10,000 per month during any Additional Transition Period; (ii) payment of his earned bonus for full-year fiscal 2020; (iii) any earned bonus for fiscal 2021 pro rated based on the number of days worked from the beginning of the fiscal year until the date of his successor's employment; (iv) a lump sum payment equal to four weeks of vacation time; and (v) on Mr. Parrish's employment termination date, (a) all options and time-based restricted stock units that are scheduled to vest in 2021 (if not previously vested) and in 2022 shall become vested and (b) all unvested performance share units or performance-based restricted share units that are scheduled to vest in February 2021 (if not previously vested) and February 2022 shall become vested in accordance with the actual achievement of the performance metrics of each grant and shall be distributed to Mr. Parrish following the end of the performance period when distributed to other participants in the equity plan. In addition, all outstanding options granted to Mr. Parrish shall be exercisable until the earlier of (i) one year from his employment termination date and (ii) the date on which such option expires in accordance with the provisions of the applicable award agreement. In the event that Mr. Parrish elects to continue his participation in the Company's group medical, dental and vision plans under applicable COBRA regulations, the Company will pay the applicable COBRA premiums for a period of up to 18 months following Mr. Parrish's employment termination date.

The foregoing summary description of the Transition Agreement is qualified in its entirety by reference to the Transition Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

10.1 Transition Agreement, dated October 14, 2020, by and between Tractor Supply Company and Benjamin F. Parrish, Jr.

104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

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Financials (USD)
Sales 2020 10 418 M - -
Net income 2020 786 M - -
Net Debt 2020 26,6 M - -
P/E ratio 2020 20,4x
Yield 2020 1,08%
Capitalization 15 933 M 15 933 M -
EV / Sales 2020 1,53x
EV / Sales 2021 1,53x
Nbr of Employees 24 000
Free-Float 66,3%
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Mean consensus OUTPERFORM
Number of Analysts 31
Average target price 153,16 $
Last Close Price 136,77 $
Spread / Highest target 31,6%
Spread / Average Target 12,0%
Spread / Lowest Target -20,3%
EPS Revisions
Managers
NameTitle
Harry A. Lawton President, Chief Executive Officer & Director
Cynthia Todd Jamison Chairman
Kurt D. Barton Chief Financial Officer, Treasurer & EVP
Robert D. Mills Chief Strategy Officer & EVP- Chief Technology
Carey Hartkopf Senior Director-Information Technology
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