UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On September 27, 2019, GMS Inc. (the “Company”) and R. Alan Adams, the Senior Vice President of Operations of the Company, entered into a retention and consulting agreement (the “Agreement”), pursuant to which Mr. Adams and the Company agreed that Mr. Adams will retire from his employment with the Company on December 31, 2019 (the “Retirement Date”). Pursuant to the Agreement, the Company will pay to Mr. Adams a retention bonus equal to $400,000 within thirty days following the Retirement Date, provided that he remains employed with the Company through the Retirement Date, or within thirty days following his earlier termination of employment without cause or resignation for good reason. The Agreement also provides that if Mr. Adams remains employed with the Company through the Retirement Date, then he will receive a prorated annual bonus for fiscal year 2020, and his then-vested options will remain outstanding through June 30, 2020. Mr. Adams has agreed that he will remain available for consulting services during the period beginning on the Retirement Date through June 30, 2020.
The foregoing summary is qualified in its entirety by reference to the Agreement which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
Exhibit Number |
Description | |
10.1 | Retention and Consulting Agreement with R. Alan Adams, dated as of September 27, 2019. | |
104 | Cover Page formatted in Inline XBRL |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GMS INC. | |||
Date: September 30, 2019 | By: | /s/ Craig D. Apolinsky | |
Name: | Craig D. Apolinsky | ||
Title: | Vice President, General Counsel and Corporate Secretary |