SiteOne Landscape Supply, Inc. (NYSE:SITE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

SiteOne Landscape Supply, Inc. (NYSE:SITE) 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.
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Performance Unit Awards

On February 6, 2019, the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of SiteOne Landscape Supply, Inc. (the “Company”) granted performance stock units (“PSUs”) under the SiteOne Landscape Supply, Inc. 2016 Omnibus Equity Incentive Plan (the “Plan”) to certain of the Company’s officers, including certain named executive officers, effective February 6, 2019. The awards will be earned based upon the Company’s performance, over a three year period, measured by the Company’s pre-tax income plus amortization (“EBTA”) growth relative to a select peer group, subject to adjustment based upon the application of a return on invested capital (“ROIC”) modifier, as set forth below. The “Performance Period” for the awards is a three year period commencing December 31, 2018 and ending January 2, 2022. Vesting of awards is contingent upon each named executive’s continued employment, subject to certain exceptions as set forth in the award agreement.

The table below sets forth the performance criteria for the PSUs:

th percentile

th percentile

Performance Level Relative EBTA Growth % Target Award

Performance

Level

Avg. ROIC

Modifier to PSUs

Earned based on

Relative EBTA

Growth*

Maximum >=75th percentile 200% Above Target >20% +20%
Target 50% Target 12%-20% 0%
Threshold 50% Below Target <12% -20%
<Threshold <25th percentile 0%
· Payout on EBTA growth performance capped at 50% of target if Company’s absolute EBTA growth is negative.
· Payout for performance between levels noted above will be determined using straight-line interpolation.
· Total payout will be capped at 200% of target.

The table below sets forth the number of PSUs awarded to the Company’s named executive officers by the Committee:

Executive / Title Number of PSUs awarded
Doug Black, Chief Executive Officer 11,145
John Guthrie, Executive Vice President, Chief Financial Officer and Assistant Secretary 2,180
Briley Brisendine, Executive Vice President, General Counsel and Secretary 2,180
Ross Anker, Executive Vice President, Category Management, Marketing and IT 2,180
ITEM 9.01 Financial Statements and Exhibits

(d) Exhibits:

SiteOne Landscape Supply, Inc. Exhibit
EX-10.1 2 tv513179_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1   SiteOne Landscape Supply,…
To view the full exhibit click here

About SiteOne Landscape Supply, Inc. (NYSE:SITE)

SiteOne Landscape Supply, Inc. is a national wholesale distributor of landscape supplies in the United States and Canada. The Company is a supplier of irrigation, landscape lighting, hardscapes, lawn care supplies, nursery stock, and landscape accessories to green industry professionals. As of October 2, 2016, the Company had over 450 stores. The Company offers a selection of fertilizer and control products, such as herbicides, irrigation supplies, landscape accessories, nursery goods, hardscapes, including pavers, natural stones and blocks, and outdoor lighting products. The Company’s customers are primarily residential and commercial landscape professionals specializing in the designing, installation and maintenance of lawns, gardens, golf courses and other outdoor spaces. The Company offers various products, such as spreader settings, LESCO equipment specification sheets, golf course supplies, seed: golf and greentech specification binder.

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