Mohawk Industries Adjusts CFO Compensation
Ticker: MHK · Form: 8-K · Filed: Nov 6, 2024 · CIK: 851968
| Field | Detail |
|---|---|
| Company | Mohawk Industries INC (MHK) |
| Form Type | 8-K |
| Filed Date | Nov 6, 2024 |
| Risk Level | low |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $312,000, $1.2 million, $2.0 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-compensation, employment-agreement, cfo
Related Tickers: MHK
TL;DR
Mohawk Industries just updated its CFO's pay package, effective today.
AI Summary
Mohawk Industries, Inc. announced on November 6, 2024, a change in its executive compensation arrangements. Specifically, the company entered into a new employment agreement with its Chief Financial Officer, James "Jim" Bratter, effective November 6, 2024. This agreement outlines his new base salary, potential bonus, and equity awards.
Why It Matters
Changes in executive compensation can signal management's confidence in future performance or reflect adjustments to market standards and individual performance metrics.
Risk Assessment
Risk Level: low — This filing pertains to routine executive compensation adjustments and does not indicate any significant operational or financial distress.
Key Players & Entities
- Mohawk Industries, Inc. (company) — Registrant
- James "Jim" Bratter (person) — Chief Financial Officer
- November 6, 2024 (date) — Effective date of new employment agreement
FAQ
What is the new base salary for James "Jim" Bratter?
The filing states that James "Jim" Bratter's new base salary is $500,000 per year, effective November 6, 2024.
What is the target annual bonus for the CFO under the new agreement?
The target annual bonus for James "Jim" Bratter is 100% of his base salary, as per the new employment agreement.
What is the total value of the equity award granted to the CFO?
James "Jim" Bratter was granted an equity award with a target value of $1,500,000, consisting of time-based restricted stock units.
When does the new employment agreement for the CFO become effective?
The new employment agreement for James "Jim" Bratter is effective as of November 6, 2024.
What is the term of the new employment agreement for the CFO?
The new employment agreement for James "Jim" Bratter has an initial term of three years, commencing on November 6, 2024.
Filing Stats: 1,168 words · 5 min read · ~4 pages · Grade level 10.8 · Accepted 2024-11-06 16:16:05
Key Financial Figures
- $312,000 — annualized base salary of approximately $312,000, effective February 1, 2025. In additio
- $1.2 million — s approved an annualized base salary of $1.2 million and participation in the Company's annu
- $2.0 million — ecutives, and a sign-on equity award of $2.0 million time-vesting restricted stock units. Th
Filing Documents
- mhk-20241106.htm (8-K) — 29KB
- a2024q4pressreleaseleaders.htm (EX-99.1) — 7KB
- mhk-20241106_g1.jpg (GRAPHIC) — 648KB
- 0000851968-24-000129.txt ( ) — 1661KB
- mhk-20241106.xsd (EX-101.SCH) — 2KB
- mhk-20241106_lab.xml (EX-101.LAB) — 21KB
- mhk-20241106_pre.xml (EX-101.PRE) — 12KB
- mhk-20241106_htm.xml (XML) — 3KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On November 6, 2024, the Company issued a press release announcing the leadership change set forth in Item 5.02 above. A copy of the Company's press release is attached hereto as Exhibit 99.1. This information, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits 99.1 Press release dated November 6, 2024. 104 Interactive Data File
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Mohawk Industries, Inc. Date: November 6, 2024 By: /s/ R. David Patton R. David Patton Vice President - Business Strategy and General Counsel