Watsco Inc. filed SEC Form 8-K: Leadership Update
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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 November 14, 2024, Watsco, Inc., a Florida corporation (the “Company”), entered into an amended and restated twenty-fifth amendment (the “A&R Amendment”) to that certain Employment Agreement and Incentive Plan, dated January 31, 1996, between the Company and the Company’s Chairman and CEO, Albert H. Nahmad (as amended, the “Employment Agreement”). Pursuant to the A&R Amendment, the maximum amount of Mr. Nahmad’s potential performance-based stock award for the year ending December 31, 2024, payable solely in the form of a restricted stock grant with cliff-vesting on October 15, 2032, has been increased from $10.0 to $20.0 million. The A&R Amendment effected no other changes to the Employment Agreement.
The foregoing description of the A&R Amendment is only a summary and is qualified in its entirety by reference to the full text of the A&R Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference in this Item 5.02.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit Number |
Description | |
| 10.1+ | Amended and Restated Twenty-Fifth Amendment to Employment Agreement and Incentive Plan dated January 31, 1996 by and between Watsco, Inc. and Albert H. Nahmad. | |
| 104 | Cover Page Interactive Date File (embedded within the Inline XBRL document) | |
| + | Management contract or compensatory plan arrangement. |
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.
| WATSCO, INC. | ||||||
| Dated: November 15, 2024 |
By: | /s/ Ana M. Menendez | ||||
| Ana M. Menendez, | ||||||
| Chief Financial Officer | ||||||