other material
confidence high
sentiment neutral
materiality 0.50
Interface corrects CFO title, enters severance pacts with three execs, amends credit facility
INTERFACE INC
- Corrects Bruce Hausmann's title to Vice President and Chief Financial Officer in prior 8-K filing.
- Executed Severance Protection & Change in Control agreements on Dec 17, 2021 with David Foshee, Bruce Hausmann, and James Poppens.
- Severance provides 2x salary + 2x target/average bonus on CIC termination; 1x salary + 1x bonus on non-CIC termination.
- Fourth Amendment to credit facility on Dec 9, 2021 replaces LIBOR with €STR, EURIBOR, SONIA for GBP and EUR loans.
- Severance agreements include 12-24 month non-compete; payments conditioned on release and non-compete.