Summit Materials,Inc. (NYSE:SUM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
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Summit Materials,Inc. (NYSE:SUM) 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.

On January18, 2018, Summit Materials,Inc. (the “Company”) announced that Damian J. Murphy will be leaving his role as the Company’s Executive Vice President and East Division President, effective March31, 2018.

For purposes of the Company’s Executive Severance Plan (the “Severance Plan”), Mr.Murphy’s departure from the Company constitutes a “Qualifying Termination” and entitles him to the payments and benefits thereunder; provided, however, the Company has agreed to provide Mr.Murphy with his pro-rata fiscal year 2018 bonus based on target performance for such fiscal year instead of based on actual performance as provided in the Severance Plan.

In addition, all of Mr.Murphy’s outstanding unvested equity awards, other than (i)the final one-third tranche of each of his stock options and restricted stock units, in each case, granted in 2017 and (ii)his performance units, will receive accelerated vesting as of his departure date. Accelerated options granted in 2016 and 2017 will not be exercisable prior to the respective dates on which such options otherwise would have vested in accordance with the terms of the original award agreements. Accelerated leverage restoration options will not be exercisable until the end of the extended non-competition period described below. A pro-rated portion of Mr.Murphy’s outstanding performance units will remain eligible to vest at the end of the performance period in accordance with their terms, based on actual performance. In consideration of the aforementioned payments and benefits, including the accelerated treatment of his equity awards, Mr.Murphy agreed to extend compliance with the non-competition and non-solicitation covenants under the Severance Plan by an additional six months, for a total term of 18 months following Mr.Murphy’s March31, 2018 departure from the Company. The Severance Plan was previously filed with the Securities and Exchange Commission as Exhibit10.2 to the Company’s Current Report on Form8-K filed on December21, 2017.


About Summit Materials,Inc. (NYSE:SUM)

Summit Materials, Inc. is a construction materials company. The Company operates through three segments: the west segment, which includes operations in Texas, the Mountain states of Utah, Colorado, Idaho and Wyoming, and in British Columbia, Canada; east segment, which serves markets across the Midwestern and Eastern United States, and Cement segment, which consists of its Hannibal, Missouri and Davenport, Iowa cement plants and approximately eight distribution terminals along the Mississippi River from Minnesota to Louisiana. It supplies aggregates, ready-mixed concrete, asphalt paving mix and paving and related services in the West segment, and aggregates, ready-mixed concrete, asphalt paving mix and paving and related services in east segment. The Company has operations in approximately 20 states in the United States and in British Columbia, Canada. The Company serves markets, including residential construction, nonresidential construction and public infrastructure construction.