Rite Aid Corporation (NYSE:RAD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed by Rite Aid Corporation (the Company), John T. Standley ceased serving as the Chief Executive Officer of the Company effective as of August 12, 2019, in connection with the appointment of his successor, Heyward Donigan. Mr. Standleys employment with the Company terminated on August 14, 2019. On August 14, 2019, the Company entered into a consulting agreement with Avalon Retail Consulting, Inc., through its president, Mr. Standley (the Consulting Agreement), to which Mr. Standley will provide consulting services to the Company for the principal purpose of assisting in the orderly transition of his previous roles and responsibilities to Ms. Donigan. Under the terms of the Consulting Agreement, commencing on August 15, 2019 for a period of six months, Mr. Standley will receive $7,500 per week in exchange for providing such consulting services for up to ten hours per week. The Consulting Agreement is terminable by either party with sixty days prior written notice.
The foregoing description of the Consulting Agreement is not complete and is qualified in its entirety by reference to the full text of the Consulting Agreement, a copy of which is filed herewith as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.