Forward Air Corporation filed SEC Form 8-K: Leadership Update
$FWRD
Oil Refining/Marketing
Consumer Discretionary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 8, 2024
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Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
Departure of Chief People Officer
On November 8, 2024, the Company announced that Mr. Kyle Mitchin, the Company’s Chief People Officer, would be departing from the Company with his last day of employment being November 22, 2024. Mr. Mitchin’s departure was a termination without cause, which meets the definition of an “Involuntary Termination” under the Company’s Executive Severance and Change in Control Plan (the “Severance Plan”), in which Mr. Mitchin is a participant. Under the Severance Plan and subject to Mr. Mitchin’s execution and nonrevocation of a general release of claims (the “General Release and Waiver”), Mr. Mitchin is eligible to receive certain payments including a Severance Payment and Healthcare Assistance Payment (in each case, as defined in the Severance Plan) and up to $20,000 in outplacement services. In addition to his entitlements under the Severance Plan, Mr. Mitchin will also receive a payment of $100,000, which shall be paid in installments in accordance with the General Release and Waiver.
The restrictive covenants agreement entered into between Mr. Mitchin and the Company on May 27, 2022 includes a perpetual obligation to keep confidential information and trade secrets, provisions covering obligations with respect to non-competition, non-solicitation of employees and customers and non-disparagement, each of which apply to Mr. Mitchin for 18 months following his separation.
The foregoing summary of Mr. Mitchin’s severance arrangements is qualified in its entirety by reference to the Form of General Release and Waiver, which will be filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
SIGNATURE
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.
FORWARD AIR CORPORATION | ||||||||||||||||||||
November 8, 2024 | By: | /s/ Shawn Stewart | ||||||||||||||||||
| Name: | Shawn Stewart | |||||||||||||||||||
| Title: | Chief Executive Officer | |||||||||||||||||||