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
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:
| 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,…
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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.
