SiteOne Landscape Supply Reports Officer Changes and Compensatory Arrangements
Ticker: SITE · Form: 8-K · Filed: Feb 13, 2024 · CIK: 1650729
Sentiment: neutral
Topics: officer-changes, compensatory-arrangements, corporate-governance
TL;DR
**SiteOne Landscape Supply just reported executive changes and new pay deals, watch for details!**
AI Summary
SiteOne Landscape Supply, Inc. filed an 8-K on February 13, 2024, reporting events that occurred on February 7, 2024. The filing indicates changes related to the departure, election, or appointment of certain officers and directors, as well as compensatory arrangements for certain officers. Specific names, roles, and dollar amounts associated with these changes are not detailed in the provided filing excerpt.
Why It Matters
Changes in leadership and executive compensation can signal strategic shifts or impact investor confidence, reflecting the company's future direction and financial health. These events are crucial for stakeholders to understand the stability and governance of the company.
Risk Assessment
Risk Level: medium — While the specific details are not provided, changes in leadership and compensatory arrangements always carry inherent risks and opportunities, potentially impacting company strategy and performance.
Key Players & Entities
- SiteOne Landscape Supply, Inc. (company) — registrant
FAQ
What is the earliest event date reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on February 7, 2024.
What specific items are being reported in this 8-K by SiteOne Landscape Supply, Inc.?
SiteOne Landscape Supply, Inc. is reporting Item 5.02, 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers,' and Item 9.01, 'Financial Statements and Exhibits.'
What is the state of incorporation for SiteOne Landscape Supply, Inc.?
SiteOne Landscape Supply, Inc. is incorporated in Delaware.
What is the business address of SiteOne Landscape Supply, Inc.?
The business address for SiteOne Landscape Supply, Inc. is 300 Colonial Center Parkway, Suite 600, Roswell, Georgia, 30076.
When was this 8-K filing filed with the SEC?
This 8-K filing was filed with the SEC on February 13, 2024.
Filing Stats: 770 words · 3 min read · ~3 pages · Grade level 14 · Accepted 2024-02-13 16:01:56
Key Financial Figures
- $0.01 — registered Common Stock, par value $0.01 per share SITE New York Stock Exchang
Filing Documents
- tm245903d1_8k.htm (8-K) — 37KB
- tm245903d1_ex10-1.htm (EX-10.1) — 80KB
- tm245903d1_8kimg001.jpg (GRAPHIC) — 8KB
- 0001104659-24-019851.txt ( ) — 330KB
- site-20240207.xsd (EX-101.SCH) — 3KB
- site-20240207_lab.xml (EX-101.LAB) — 33KB
- site-20240207_pre.xml (EX-101.PRE) — 22KB
- tm245903d1_8k_htm.xml (XML) — 4KB
02 Departure of Directors or Certain Officers; Election of
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Performance Unit Awards Effective February 7, 2024, the Human Resources and Compensation Committee (the "Committee") of the Board of Directors (the "Board") of SiteOne Landscape Supply, Inc. (the "Company") granted performance stock units ("PSUs") under the SiteOne Landscape Supply, Inc. 2020 Omnibus Equity Incentive Plan (the "Plan") to certain of the Company's officers, including certain named executive officers. The PSUs will be earned based upon the Company's performance, over a three-year period, measured by the Company's pre-tax income plus amortization ("EBTA") growth relative to a select peer group (excluding non-recurring items), subject to adjustment based upon the application of a return on invested capital ("ROIC") modifier, as set forth below. The "Performance Cycle" for the awards is a three-year period commencing January 1, 2024 and ending January 3, 2027. Vesting of PSUs is contingent upon each named executive's continued employment, subject to certain exceptions as set forth in the PSU award agreement. The table below sets forth the performance criteria for the PSUs: Performance Level Relative EBTA Growth % Target Award Performance Level Avg. ROIC Modifier to PSUs Earned based on Relative EBTA Growth* Maximum >=75 th percentile 200% Above Target >20% +20% Target 50 th percentile 100% Target 12%-20% 0% Threshold 25 th percentile 50% Below Target <12% -20% <Threshold <25 th percentile 0% Payout on EBTA growth performance capped at 100% of target if Company's absolute EBTA growth is negative. Payout for performance between levels noted above will be determined using straight-line interpolation. Total payout is capped at 200% of target. The table below sets forth the number of PSUs awarded to the Company's named executive officers by the Committe
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. Exhibit No. Description 10.1 Form of Performance Stock Unit Award Agreement under the SiteOne Landscape Supply, Inc. 2020 Omnibus Equity Incentive Plan. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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. SITEONE LANDSCAPE SUPPLY, INC. By: /s/ Briley Brisendine Briley Brisendine Executive Vice President, General Counsel and Secretary Date: February 13, 2024 EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K Dated February 13, 2024 10.1 Form of Performance Stock Unit Award Agreement under the SiteOne Landscape Supply, Inc. 2020 Omnibus Equity Incentive Plan.