MSC Industrial Direct Company Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$MSM
Industrial Machinery/Components
Industrials
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): August 27, 2024
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(d) On August 27, 2024, the Board of Directors (the “Board”) of MSC Industrial Direct Co., Inc. (the “Company”) elected Robert Aarnes to serve as a non-executive director, effective immediately, increasing the size of the Board from eight to nine members. Mr. Aarnes will join the Board as an independent director and will serve as a member of the Compensation Committee of the Board. There is no arrangement or understanding between Mr. Aarnes and any other person pursuant to which he was selected as a director of the Company. There have been no transactions involving the Company or any of its subsidiaries in which Mr. Aarnes has or will have a direct or indirect material interest that are required to be disclosed under Item 404(a) of Regulation S-K.
Pursuant to the Company’s non-executive director compensation policies, Mr. Aarnes will be entitled to receive: (i) a retainer for service on the Board of $97,500 per year and (ii) an annual grant of restricted stock units representing shares of the Company’s Class A Common Stock having an aggregate fair market value of $132,500 on the date of grant upon his election or re-election to the Board. Fifty percent of such restricted stock units will vest on the first anniversary of the date of grant and fifty percent will vest on the second anniversary of the date of grant. Director compensation is paid quarterly in arrears. The retainer fee payable to Mr. Aarnes will be pro-rated to reflect the number of days actually served in any quarter in which he serves less than the full quarter. The Company reimburses non-executive directors for reasonable out-of-pocket expenses incurred in connection with attending in-person Board or Board committee meetings and for fees incurred in attending continuing education courses for directors that are approved in advance by the Company. In addition, the Company will enter into its standard form of director indemnification agreement with Mr. Aarnes.
On August 27, 2024, the Company issued a press release announcing the election of Mr. Aarnes, a copy of which is filed as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits:
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
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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.
| MSC INDUSTRIAL DIRECT CO., INC. | |||||||||||
| Date: | August 27, 2024 | By: | /s/ KRISTEN ACTIS-GRANDE | ||||||||
Name: | Kristen Actis-Grande | ||||||||||
Title: | Executive Vice President and Chief Financial Officer | ||||||||||
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