The company said its board approved eliminating the Executive Vice President and Chief Operating Officer position on January 13, 2025, as part of an internal reallocation of duties among its senior executives.

1. 01

   The company said its board approved eliminating the Executive Vice President and Chief Operating Officer position on January 13, 2025, as part of an internal reallocation of duties among its senior executives.

2. 02

   The company said the employment of Francis X. Sullivan will end without cause effective April 4, 2025 as a result of the position's elimination. It said his duties will be delegated to other officers of the company.

3. 03

   The company said Sullivan is eligible for severance payments and benefits under its Executive Severance Plan. It said payment is subject to his execution of a release of claims and compliance with restrictive covenants.

4. 04

   The company said Sullivan is of retirement age under the Amended and Restated 2012 Stock Incentive Plan, so his 2023, 2024 and 2025 grants will vest under the plan's terms. It said he is also eligible for a pro rata annual bonus for his service in 2025, based on actual performance.

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Original filing

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