ROADRUNNER TRANSPORTATION SYSTEMS, INC. (NYSE:RRTS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously announced, Grant M. Crawford’s employment as the President – Roadrunner Freight of Roadrunner Transportation Systems, Inc. (the “Company”) was terminated on June 7, 2017 (the “Effective Date”). On June 15, 2017, the Company and Mr. Crawford entered into a Separation Agreement and Release (the “Separation Agreement”). The Separation Agreement provides that, if Mr. Crawford does not revoke his acceptance of the Separation Agreement within the applicable seven-day revocation period, (a) Mr. Crawford will receive his base salary for a period of twenty-six (26) weeks, (b)certain of Mr. Crawford’s outstanding and unvested time-based restricted stock units will vest, and (c)Mr. Crawford will receive a payment equal to $11,834.34 to be used by Mr. Crawford to obtain health insurance coverage or for any other purpose chosen by Mr. Crawford. The Separation Agreement contains a release and certain restrictive covenants that are binding upon Mr.Crawford.
The foregoing is a summary only and does not purport to be a complete description of all of the terms, provisions, covenants and agreements contained in the Separation Agreement, and is subject to and qualified in its entirety by reference to the complete text of the Separation Agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending June 30, 2017.
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