Service Corporation International (NYSE:SCI) 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.
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DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. |
Company) entered new employment agreements with its named executive
officers. The names of the executive officers and the material
terms of their old employment agreements are summarized in SCI’s
proxy statement dated March 31, 2016 under Executive Employment
Agreements, which is incorporated by reference herein. The new
employment agreements have substantially the same terms as are
contained in the old employment agreements with the following
changes.
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The new employment agreements have terms expiring December
31, 2017. |
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The new employment agreements require each executive to
execute a release as a condition to the Companys payment of benefits related to termination of employment. |
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The new employment agreements provide health coverage to the
executive or his family in connection with termination of employment related to death or disability. |
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New provisions state that the agreements do not limit an
executives right to file a charge or provide information, including trade secrets in certain circumstances, with or participate in an investigation conducted by a federal, state or local government agency |
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The definition of Change of Control has been changed such
that certain reorganizations, mergers or consolidations or sales of substantially all assets are defined to be a change of control at the consummation of the transaction (whereas the old employment agreements required only shareholders approval regardless of whether or not the transaction was consummated). |
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In connection with the change noted in the preceding
paragraph, the period during which Change of Control payments are triggered has been extended to include the sixty days prior to the date of the Change of Control. |
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In the event an executive would be entitled to receive an
excess parachute payment (in connection with a Change of Control) which could be subject to an excise tax on the executive, such payment will be reduced if the reduction would improve the executives benefit on an after-tax basis. |
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Other miscellaneous changes
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About Service Corporation International (NYSE:SCI)
Service Corporation International is a provider of deathcare products and services, with a network of funeral service locations and cemeteries. The Company’s segments are funeral and cemetery operations. The Company conducts both funeral and cemetery operations in the United States and Canada. It operates over 1,535 funeral service locations and over 470 cemeteries, which are diversified across over 45 states, over eight Canadian provinces, the District of Columbia, and Puerto Rico. The Company offers services under its Dignity Memorial brand, a brand of deathcare products and services. Its other brands are Dignity Planning, National Cremation Society, Advantage Funeral and Cremation Services, Funeraria del Angel, Making Everlasting Memories, Neptune Society and Trident Society. Its funeral service and cemetery operations consist of funeral service locations, cemeteries, funeral service/cemetery combination locations, crematoria and related businesses. Service Corporation International (NYSE:SCI) Recent Trading Information
Service Corporation International (NYSE:SCI) closed its last trading session down -0.39 at 26.81 with 741,901 shares trading hands.