Jeld-Wen Holding Inc.
01/10/2025 | Press release | Distributed by Public on 01/10/2025 15:07
Management Change/Compensation Form 8 K
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 3, 2025, JELD-WEN Holding, Inc. (the "Company") entered into a Separation and Release Agreement with Kevin Lilly, Executive Vice President, Global Transformation, in connection with his previously announced decision to retire from the Company on such date.
In connection with his retirement, Mr. Lilly will receive the separation payments and benefits provided under his employment agreement for a qualifying termination, as well as continued vesting of restricted stock units, performance share units and stock options granted to him on February 16, 2022, February 14, 2023 and February 6, 2024 in accordance with the terms of the applicable award agreements as if he were still employed by the Company on the respective vesting dates. Mr. Lilly will continue to be subject to certain restrictive covenants, including non-competition and non-solicitation covenants.