secwatch.observer — SEC 8-K summary
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Issuer:     MSC INDUSTRIAL DIRECT CO INC (MSM)
CIK:        0001003078
Form:       8-K/A
Filed at:   2022-09-07T23:59:59+00:00
Accession:  0001003078-22-000096
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

MSC Industrial Direct EVP and Chief Supply Chain Officer to Transition to Executive Advisor Role
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- Douglas E. Jones will step down as EVP and Chief Supply Chain Officer effective March 1, 2023, becoming Executive Advisor, Supply Chain.
- His annual base salary will be reduced to 50% of his prior salary, currently $217,886.37, during the advisory period ending Dec 31, 2023.
- Jones receives a one-time cash payment of $275,000 in lieu of equity awards for fiscal 2022, plus continued health benefits and bonus eligibility.
- The Transition Agreement includes a general release of claims, confidentiality obligations, and a non-disparagement clause.
- Jones will cooperate with the company on transition matters and retains D&O insurance coverage through his employment term.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1003078/000100307822000096/0001003078-22-000096-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1003078/000100307822000096/msm-20220718x8ka.htm
  HTML page:      https://secwatch.observer/filing/0001003078-22-000096

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