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 May 30, 2025, Equifax Inc. (the “Company”) announced the departure of Todd Horvath, Executive Vice President, President, U.S. Information Solutions (“USIS”), effective June 1, 2025. The Company has commenced a search for Mr. Horvath’s successor. Chief Executive Officer, Mark Begor, will lead the USIS business unit until a successor is identified.
In connection with his departure, Mr. Horvath and the Company entered into a separation agreement and general release pursuant to which Mr. Horvath agreed to certain restrictive covenants in favor of the Company. In return for entering into this agreement, Mr. Horvath will receive a lump-sum cash severance payment of $2.9 million, representing approximately two years of his annual cash compensation (minus applicable taxes and withholdings). In addition, the Company agreed that Mr. Horvath will be eligible to receive a prorated portion of his annual incentive award for 2025 reflecting his employment through June 1, 2025. The value of this prorated annual incentive award will be calculated and paid out in the first quarter of 2026 based on the Company’s actual full-year 2025 performance results.
Mr. Horvath’s unvested equity awards were forfeited upon his separation from the Company. In accordance with the terms of his new hire “make whole” equity award, Mr. Horvath will receive approximately $3.2 million in cash, representing the fair market value of the unvested portion of his new hire equity award at the time of his separation. His new hire equity award was intended to compensate him for foregoing unvested equity at his prior employer.
SIGNATURE
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.
| EQUIFAX INC. | ||||||
| By: | /s/ Julia A. Houston | |||||
| Name: | Julia A. Houston | |||||
| Title: | Executive Vice President and Chief Legal Officer | |||||
| Date: | May 30, 2025 | |||||