Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain
Officers.
OnSeptember 21, 2021 ,TrueBlue, Inc. (the "Company") announcedTaryn Owen will be named Executive Vice President of the Company and President forPeopleReady and PeopleScout, effectiveOctober 4, 2021 .Ms. Owen , age 42, most recently served as Executive Vice President of the Company and President ofPeopleReady sinceDecember 2019 . Prior to this role,Ms. Owen served as Executive Vice President of the Company and President of PeopleScout sinceNovember 2014 . Owen has assumed leadership of PeopleScout from outgoing PresidentBrannon Lacey .Mr. Lacey has stepped down to become the CEO of a private equity-backed technology company. In connection withMs. Owen's appointment as Executive Vice President and President forPeopleReady and PeopleScout, the Company andMs. Owen amended certain terms of her employment agreement (the "Employment Agreement"). Under the terms of this Employment Agreement, she will earn an annual base salary of$660,000 , and will be eligible to receive additional annual compensation consisting of (a) a cash bonus of up to 100% of her base salary, (b) restricted stock units with a grant date value of up to 87.5% of her base salary, and (c) performance share units with a grant date value of up to 87.5% of her base salary.Ms. Owen's potential cash bonus and performance stock unit compensation will be subject to achievement of certain performance objectives. The Employment Agreement does not provide for any specific or minimum term or duration, andMs. Owen's employment is terminable at will. If the Company terminatesMs. Owen's employment without Cause, orMs. Owen's voluntarily terminates her employment for Good Reason (each as defined in the Employment Agreement), she will be entitled to receive 100% of her base salary during a one year severance period. In addition, she will be paid a bonus for the year of termination, prorated for the portion of the year worked and subject to actual performance results, and unvested restricted equity awards outstanding at the time of such termination will vest as ifMs. Owen had worked during the one year severance period.Ms. Owen and the Company also amended certain terms of her non-compete agreement ("Non-Compete Agreement"). The foregoing descriptions of the Employment Agreement and Non-Compete Agreement are qualified in their entirety by reference to the full text of the Employment Agreement and Non-Compete Agreement, which are filed as Exhibits in section 9.01 to this Current Report on Form 8-K and is incorporated by reference herein.Ms. Owen and the Company are also parties to an Executive Indemnification Agreement and Change-in-Control Agreement, the forms of which have previously been filed by the Company and are referred to in Item 9.01 of this Form 8-K as Exhibit 10.2 and Exhibit 10.3, to this Current Report on Form 8-K and incorporated by reference herein. In addition, the Company's Compensation Committee approved a modification to the annual compensation ofMr. Beharelle , President and CEO of the Company to be effectiveMonday, December 27, 2021 , which is the beginning of the Company's 2022 fiscal year.Mr Beharelle will earn an annual base salary of$1,000,000 , and will be eligible to receive additional annual compensation consisting of (a) a cash bonus of up to 150% of his base salary, (b) restricted stock units with a grant date value of up to 175% of his base salary, and (c) performance share units with a grant date value of up to 175% of his base salary.Mr. Beharelle's potential cash bonus and performance stock unit compensation will be subject to achievement of certain performance objectives. --------------------------------------------------------------------------------
Item 9.01. Financial Statements and Exhibits. (d)Exhibits Incorporated by Reference Exhibit Number Exhibit Description Filed Herewith Form File No. Date of First Filing 10.1 Employment Agreement, dated September 15, 2021, by X and between TrueBlue, Inc. and Taryn Owen 10.2 Non-Competition Agreement, dated September 15, X 2021, by and between TrueBlue, Inc. and Taryn Owen 10.3 Form Executive Indemnification Agreement, by and 10-K 001-14543 2/24/2020 between TrueBlue, Inc. and Taryn Owen 10.4 Form Executive Change-in-Control Agreement, by and 10-Q 001-14543 5/04/2007 between TrueBlue, Inc. and Taryn Owen 104 Cover page interactive data file - The cover page X from this Current Report on Form 8-K is formatted as Inline XBRL
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