secwatch.observer — SEC 8-K summary
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Issuer:     LANDSTAR SYSTEM INC (LSTR)
CIK:        0000853816
Form:       8-K
Filed at:   2022-06-01T23:59:59+00:00
Accession:  0001193125-22-164626
Event type: leadership
Sentiment:  neutral
Materiality: 0.65
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Landstar CFO Fred Pensotti to depart July 1, 2022; James Todd promoted to CFO
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- Fred Pensotti will step down as VP and CFO effective July 1, 2022, to pursue another opportunity.
- James P. Todd, previously VP and Corporate Controller, promoted to VP and CFO, effective July 1, 2022.
- Todd's annual salary increases to $340,000; eligible for annual bonus with threshold target of 50% of base salary.
- Todd will enter into Indemnification and Key Executive Employment Protection Agreements with severance equal to 2x base salary plus target bonus upon qualifying change-in-control termination.
- Pensotti will receive separation benefits per his May 2021 letter agreement.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/853816/000119312522164626/0001193125-22-164626-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/853816/000119312522164626/d335127d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-164626

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