secwatch.observer — SEC 8-K summary
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Issuer:     MIDDLEBY Corp (MIDD)
CIK:        0000769520
Form:       8-K
Filed at:   2022-03-14T23:59:59+00:00
Accession:  0001193125-22-073672
Event type: leadership
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/769520/000119312522073672/0001193125-22-073672-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/769520/000119312522073672/d318016d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-073672

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