SiteOne Landscape Supply, Inc 8-K, filed Feb 12, 2020
SiteOne Landscape Supply, Inc. (SITE)
About this 8-K
SiteOne Landscape Supply, Inc filed this 8-K on February 12, 2020, reporting on events of February 5, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| 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 5, 2020, 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. 2016 Omnibus Equity Incentive Plan (the “Plan”) to certain of the Company’s officers, including certain named executive officers. The awards 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 Period” for the awards is a three-year period commencing December 30, 2019 and ending January 1, 2023. Vesting of awards is contingent upon each named executive’s continued employment, subject to certain exceptions as set forth in the 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 | >=75th percentile | 200% | Above Target | >20% | +20% |
| Target | 50th percentile | 100% | Target | 12%-20% | 0% |
| Threshold | 25th percentile | 50% | Below Target | <12% | -20% |
| <Threshold | <25th 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 will be capped at 200% of target. |
The table below sets forth the number of PSUs awarded to the Company’s named executive officers by the Committee:
| Executive / Title | Number of PSUs awarded |
| Doug Black, Chief Executive Officer | 6,641 |
| John Guthrie, Executive Vice President, Chief Financial Officer and Assistant Secretary | 1,229 |
| Briley Brisendine, Executive Vice President, General Counsel and Secretary | 1,475 |
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 | |||
| Date: February 11, 2020 | Secretary | ||