Sturm, Ruger SVP Thomas Sullivan departs Dec 31; $600k severance over 18 months

STURM RUGER & CO INC

Thomas P. Sullivan, Senior Vice President of Strategy & Development, leaves Dec 31, 2023.
Severance: $400,000/year from Jan 1, 2024 to June 30, 2025 ($600,000 total).
RSU awards continue to vest during the 18-month severance period.
Non-compete and non-solicitation restrictions apply through June 30, 2025 in the U.S. firearms industry.
Company to maintain medical, dental, vision coverage through severance period.

item 5.02 item 9.01

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Departed

Thomas P. Sullivan

Senior Vice President of Strategy and Development

RGR · STURM RUGER & CO INC

Effective: 2023-12-31
Filed: December 22, 2023, 6:59 PM ET

On December 21, 2023, Sturm, Ruger & Company, Inc. (the “Company”) entered into a separation agreement (the “Sullivan Agreement”) with Thomas P. Sullivan (“Sullivan”), Senior Vice President of Strategy and Development, whose employment with the Company will end on December 31, 2023.

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Executive change SEC 8-K Item 5.02 confidence 0.95

Thomas P. Sullivan departed as Senior Vice President of Strategy and Development at STURM RUGER & CO INC.

Action: departed
Role: Senior Vice President of Strategy and Development

Exact text from the filing

On December 21, 2023, Sturm, Ruger & Company, Inc. (the “Company”) entered into a separation agreement (the “Sullivan Agreement”) with Thomas P. Sullivan (“Sullivan”), Senior Vice President of Strategy and Development, whose employment with the Company will end on December 31, 2023.

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Source: SEC EDGAR

accession 0001174947-23-001480

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