THE GEO GROUP, INC. (NYSE:GEO) 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.
On November13, 2017, The GEO Group, Inc. (“GEO” or the “Company”) received formal notice by Thomas M. Wierdsma, GEO’s Senior Vice President, Project Development, of his intention to retire. His retirement will be effective December 31, 2017. GEO has appointed Kent Long to the role of Senior Vice President, Project Development.
Mr.Wierdsma will be entitled to receive his retirement payment of approximately $600,000 under the terms of the Senior Officer Retirement Plan. Following the effective date of Mr.Wierdsma’s retirement, Mr.Wierdsma will remain as a consultant to GEO from January 2, 2018 through January2, 2020 (the “Consulting Period”). If Mr.Wierdsma serves the full Consulting Period, he will be paid a total of $240,000 ($10,000 per month) to a consulting agreement, dated as of November 13, 2017, that the Company has entered into with Mr.Wierdsma. Additionally, all of Mr.Wierdsma’s unvested restricted shares and performance-based shares will continue to vest according to their terms as long as Mr.Wierdsma continues to serve as a consultant during the Consulting Period. Upon the termination of the consulting agreement, all of Mr. Wierdsma’s unvested stock options and restricted stock awards will fully vest. The consulting agreement also includes a two-year non-compete provision.
Mr.Long joined GEO in 2017. Prior to joining GEO, he had a distinguished career with Balfour Beatty Construction, working his way from Senior Estimator in 1987 to Senior Vice President of the South Florida region.