UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
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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 December 21, 2020, Monro, Inc. (the “Company”) entered into an Employment Agreement (the “Agreement”) with Brian J. D’Ambrosia, the Company’s Executive Vice President – Chief Financial Officer. The Agreement will become effective on January 1, 2021, following the expiration on December 31, 2020 of Mr. D’Ambrosia’s current employment agreement with the Company.
The Agreement has a one-year term, which will automatically renew for successive one-year terms, unless either party gives written notice of its intent not to renew. Under the Agreement, Mr. D’Ambrosia (i) will be paid an annual base salary of $400,000; (ii) will be eligible to earn an annual bonus, pursuant to the terms of the Company’s bonus plan, of up to 90% of his base salary, upon the achievement of certain predetermined corporate objectives and (iii) will participate in the Company’s other incentive and welfare and benefit plans made available to executives. Mr. D’Ambrosia’s base salary will be reviewed annually by the Compensation Committee of the Company’s Board of Directors and may be increased to reflect his performance and responsibilities.
In addition, Mr. D’Ambrosia is entitled to certain payments upon death, disability, a termination without Cause (as defined in the Agreement), a nonrenewal of the Agreement by the Company, a resignation by Mr. D’Ambrosia for Good Reason (as defined in the Agreement) or a termination in the event of a Change in Control of the Company (as defined in the Agreement), all as set forth in detail in the Agreement.
A copy of the Agreement is attached to this Current Report as Exhibit 10.67 and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits |
| (a) | Not Applicable |
| (b) | Not Applicable |
| (c) | The following is a list of exhibits furnished with this Current Report on Form 8-K: |
| Exhibit |
Description | |
| 10.67 | Employment Agreement by and between Monro, Inc. and Brian J. D’Ambrosia, dated December 21, 2020. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MONRO, INC. (Registrant) | ||||||
| December 23, 2020 | By: | /s/ Maureen E. Mulholland | ||||
| Maureen E. Mulholland | ||||||
| Executive Vice President - Chief Legal Officer and Secretary | ||||||