UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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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 April 5, 2022, Rollins, Inc. (the “Company”), entered into a Settlement and General Release Agreement (the “Agreement”) with Paul E. Northen, who formerly served as the Company’s Senior Vice President focused on sustainability from July 2021 until March 2022 and also as the Company’s Senior Vice President, Chief Financial Officer and Treasurer from May 2015 until July 2021.
Under the terms of the Agreement, in exchange for Mr. Northen’s full release of all claims against the Company, as well as certain agreements on his part, including agreements related to post-employment confidentiality, non-disparagement, non-competition, non-solicitation and non-recruitment covenants, the Company has, among other things, agreed to: (i) pay Mr. Northen a lump sum gross cash payment in the amount of $600,000, with $350,000 to be paid no later than April 21, 2022, and the remainder to be paid no later than March 14, 2023; (ii) subsidize 100% of Mr. Northen’s COBRA premiums for up to eighteen (18) months; and (iii) provide Mr. Northen with six (6) months of Executive Career Transition Consultation services. Mr. Northen may revoke the Agreement for a period of seven (7) days following its execution, after which time it will become effective.
A copy of the Agreement will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the period ending March 31, 2022.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. |
| Description |
104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Rollins, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ROLLINS, INC.
Date: April 8, 2022 | By: | /s/ Julie Bimmerman |
| Name: | Julie Bimmerman |
| Title: | Interim Chief Financial Officer and Treasurer |
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| (Principal Financial and Accounting Officer) |