Middleby enters new employment agreement with CEO FitzGerald through 2024; salary unchanged at $975K

MIDDLEBY Corp

Agreement dated March 10, 2022; term ends Dec 31, 2024 with automatic one-year renewals.
Base salary remains $975,000 per year (unchanged since CEO promotion in 2019).
Severance: 3x (salary + highest annual bonus or 3-year average) if terminated without cause or for material duty reduction.
Includes 24-month benefits continuation and parachute payment reduction to avoid excise tax under Section 280G.
Supersedes prior employment agreement dated March 21, 2013, as amended February 19, 2018.

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