secwatch.observer — SEC 8-K summary
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Issuer:     INTERFACE INC (TILE)
CIK:        0000715787
Form:       8-K/A
Filed at:   2022-04-21T23:59:59+00:00
Accession:  0000715787-22-000013
Event type: leadership
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Interface CEO Laurel Hurd enters severance agreement with 24-month coverage
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- Severance: 24 months of current salary plus target annual bonus if terminated without cause or for good reason.
- Good reason triggers include material reduction in duties, 5%+ pay cut, or relocation outside metro Atlanta.
- Prorated bonus for year of termination; COBRA subsidy for 24 months; stock awards may accelerate.
- Payments conditioned on signing release, compliance with restrictive covenants, and cooperation.
- Rolling two-year term, auto-renewing daily; expires on CEO's 63rd birthday.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/715787/000071578722000013/0000715787-22-000013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/715787/000071578722000013/tile-20220418.htm
  HTML page:      https://secwatch.observer/filing/0000715787-22-000013

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer