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Hillman Solutions Corp. (NASDAQ:HLMN) disclosed Friday that it has entered into a separation agreement with Scott C. Ride, president of Hillman Canada, in connection with his planned departure from the company on September 29, 2025. The agreement was finalized on September 16, 2025, according to a press release statement based on a filing with the Securities and Exchange Commission.
Under the terms of the separation agreement, Mr. Ride will receive several benefits in exchange for agreeing to non-compete, non-solicitation, and other restrictive covenants, as well as a waiver and general release of claims against Hillman Solutions and its affiliates. These benefits will replace any entitlements under his existing employment agreement.
The company outlined the following compensation and benefits for Mr. Ride:
- A lump sum payment of CAD$68,081 as statutory severance pay in lieu of notice under Ontario law.
- Base salary continuation totaling CAD$590,035, payable over sixteen months.
- Continuation and payment of health and dental benefits for eighteen months.
- A lump sum payment of CAD$165,947, representing a prorated bonus for the 2025 fiscal year, to be paid in 2026 at the same time as other senior executives receive their bonuses.
- A lump sum payment of CAD$193,605.35 as a termination bonus under his employment agreement, payable in 2026 alongside other senior executive bonuses.
- A lump sum payment of CAD$35,305.48, representing 6% of his last two years’ bonus payments.
- Modification of certain unvested restricted stock units and stock options to allow for continued vesting over eighteen months following his departure, with options required to be exercised within three months of vesting.
- Payment of remaining lease obligations on his company vehicle and transfer of the right to use the vehicle for the remainder of the lease term.
Hillman Solutions stated that the summary provided is qualified in its entirety by reference to the full separation agreement, which was filed as an exhibit to the Form 8-K.
Hillman Solutions Corp. is listed on the Nasdaq Stock Market under the ticker HLMN.
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