Vestis Corporation filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
(Exact name of Registrant as Specified in its Charter)
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(State or other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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(470 ) 226-3655
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class
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Trading Symbol(s)
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Name of Each Exchange on which Registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not
to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On August 20, 2025, the Compensation and Human Resources Committee (the “Committee”) of Vestis Corporation (the “Company”) approved special, one-time Long-Term
Incentive awards (referred to as “Vestis Retention LTI Awards”) to aid in the retention of certain key employees, including members of the executive leadership team and other key employees of the Company who are critical to the Company’s future
success. This group of key employees includes certain executive officers of the Company (other than Jim Barber, President and Chief Executive Officer of the Company).
The Vestis Retention LTI Awards will be granted to the following Executive Officers effective August 25, 2025 (the
“Grant Date”) with the following Retention LTI Awards for each as follows:
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Vestis Executive Officer & Title
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Vestis
Retention LTI Award
(Time-Vesting RSUs)
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Kelly Janzen
EVP & Chief Financial Officer
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200,000 RSUs
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William J. Seward
EVP & Chief Operating Officer
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80,000 RSUs
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André C. Bouchard
EVP, Chief Legal Officer, General Counsel & Corporate Secretary
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80,000 RSUs
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Grant Shih
EVP & Chief Technology Officer
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80,000 RSUs
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These Vestis Retention LTI Awards generally represents between 0.3x and 1.0x of the typical Annual LTI Award grant “value” provided to each Executive Officer, which
are typically granted in November for the current fiscal year, subject to Committee approval.
Recipients of the Vestis Retention LTI Award will receive time-based restricted stock units that will vest two-thirds on the second anniversary, and one-third on the
third anniversary, of the Grant Date provided that the recipient remains actively employed by the Company on the applicable vesting date. In the event that a recipient’s employment is terminated before an applicable vesting date as a result of
death, disability (as defined in the Company’s long term disability plan) or involuntary termination by the Company without Cause (as defined in Vestis’ 2023 Long-Term Incentive Plan), then the recipient shall vest in a pro-rated portion of the
Vestis Retention LTI Award on the next scheduled vesting date. The Vestis Retention LTI Award will be granted using the form of retention restricted stock unit award grant agreement (the “Grant Agreement”), also approved by the Committee on August
20, 2025. Recipients must accept the Grant Agreement, which includes a requirement to adhere to the restrictive covenant agreement and the Company’s compensation recovery policy as each are outlined in the Executive Officer’s Employment Agreement
in exchange for the valuable consideration provided by the Vestis Retention LTI Award.
A copy of the Grant Agreement is filed with this Current Report on Form 8-K and attached hereto as Exhibit 10.1 and incorporated by reference herein. The foregoing
description of the Grant Agreement is not complete and is qualified in its entirety by reference to the full text of the Grant Agreement.
| Item 9.01. |
Financial Statements and Exhibits
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(d) Exhibits
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Exhibit
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No.
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Description
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Form of Vestis Retention Restricted Stock Unit Award Grant Agreement
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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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.
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Vestis Corporation
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Date:
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August 26, 2025
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By:
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/s/ Jim Barber
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Name:
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Jim Barber
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Title:
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President and Chief Executive Officer
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