Stanley Black & Decker Inc. filed SEC Form 8-K: Regulation FD Disclosure
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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. |
On July 25, 2024, the Board of Directors (the “Board”) of Stanley Black & Decker, Inc. (the “Company”) approved the termination of John T. Lucas, the Company’s Senior Vice President, Chief Human Resources Officer, without cause effective July 31, 2024.
In connection with his separation, Mr. Lucas and the Company entered into an agreement and general release on July 25, 2024 (the “Separation Agreement”), pursuant to which Mr. Lucas is eligible for the following separation payments and benefits, subject to his execution and non-revocation of a confirming release of claims: (i) continued base salary payments for 12 months at a rate of $54,166.62 per month; (ii) a lump sum payment of $400,000; (iii) continued basic life and basic accidental death and dismemberment insurance through July 31, 2025; (iv) continued medical, dental, vision, health care flexible spending account and group legal coverage through July 31, 2025; (v) continued executive life insurance through September 30, 2025; (vi) pro-rated annual bonus for 2024, subject to achievement of applicable performance goals; (vii) executive financial and estate planning benefits and executive physical program benefits through December 31, 2024; and (viii) waiver by the Company of any obligation of Mr. Lucas to repay the sign-on bonus that he received when he commenced employment.
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement attached as Exhibit 10.1 hereto.
| Item 7.01. | Regulation FD Disclosure. |
On July 26, 2024, the Company issued a press release announcing the appointment of Deborah K. Wintner as the Company’s Senior Vice President, Chief Human Resources Officer, effective August 1, 2024, to succeed Mr. Lucas. A copy of the press release is attached as Exhibit 99.1 hereto.
The information being furnished pursuant to Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liability of that section, and shall not be incorporated by reference into any other document filed under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit Number |
Description | |
| 10.1 | Agreement and General Release, dated July 25, 2024, by and between Stanley Black & Decker, Inc. and John T. Lucas. | |
| 99.1 | Press Release dated July 26, 2024, issued by Stanley Black & Decker, Inc. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
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.
| STANLEY BLACK & DECKER, INC. | ||||||
| Date: July 26, 2024 | ||||||
| By: | /s/ Janet M. Link | |||||
| Name: | Janet M. Link | |||||
| Title: | Senior Vice President, General | |||||
| Counsel and Secretary | ||||||