secwatch.observer — SEC 8-K summary
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Issuer:     ADVANCE AUTO PARTS INC (AAP)
CIK:        0001158449
Form:       8-K
Filed at:   2023-11-15T23:59:59+00:00
Accession:  0001158449-23-000238
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Advance Auto Parts appoints Ryan P. Grimsland as CFO, effective Nov 27, 2023
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- Mr. Grimsland joins from Lowe's where he was SVP Strategy & Transformation.
- Annual base salary $675k, bonus target 85% of base, signing bonus $750k subject to repayment.
- 2024 annual equity award $1.6M; sign-on equity $1.6M RSUs + $400k stock options vesting over 3 years.
- Severance: cash payment of base + 3-yr avg bonus (non-CIC) or 2x base + 2x target bonus (CIC).
- Restrictive covenants include non-compete, non-solicit for one year post-termination.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1158449/000115844923000238/0001158449-23-000238-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1158449/000115844923000238/aap-20231113.htm
  HTML page:      https://secwatch.observer/filing/0001158449-23-000238

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