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Aramark, the food service giant, has reported a significant compensation arrangement for its Chief Executive Officer, John Zillmer. According to an 8-K filing with the Securities and Exchange Commission, the company's Compensation and Human Resources Committee approved the grant of Restricted Stock Units (RSUs) valued at $5 million to Zillmer on Monday.
The RSUs, which are scheduled to be granted effective as of Wednesday, are designed to vest on the third anniversary of the grant date. Alternatively, vesting could occur six months after a new CEO, appointed by Aramark's Board, begins their tenure, or at an earlier date if determined by the Board.
Vesting is contingent upon Zillmer's continued employment with the company until the vesting date. Additionally, the RSUs include provisions for accelerated vesting in the event of certain types of termination, excluding voluntary retirement.
The details of the RSUs are outlined in a form of RSU Grant Award, which is attached as Exhibit 10.1 to the 8-K filing and is incorporated by reference. The filing also indicates that the grant date fair value of the RSUs is determined as of the effective grant date.
Aramark, headquartered in Philadelphia, Pennsylvania, is a leader in the food services industry, providing a range of services including food, facilities, and uniform services to clients in fields such as education, healthcare, business, and leisure. The company is listed on the New York Stock Exchange under the ticker symbol NYSE:ARMK.
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