secwatch.observer — SEC 8-K summary
======================================

Issuer:     LENNOX INTERNATIONAL INC (LII)
CIK:        0001069202
Form:       8-K
Filed at:   2022-12-12T23:59:59+00:00
Accession:  0001193125-22-302285
Event type: other_material
Sentiment:  positive
Materiality: 0.55
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Lennox reduces board to 9, adopts CIC plan cutting severance for non-CEO execs, eliminating gross-ups
--------------------------------------------------------------------------------

- Board size reduced from 10 to 9 members effective Dec 9, 2022 following Max Mitchell's resignation.
- New CIC Severance Plan reduces non-CEO executive severance from 3x to 2x base salary and target bonus.
- Equity vesting changed from single trigger to double trigger, requiring Qualifying Termination.
- Eliminates cash in lieu of perquisites, additional SRP/PRP benefits, and Section 280G excise tax gross-ups.
- Requires release of claims; health care continuation tied to severance duration.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1069202/000119312522302285/0001193125-22-302285-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1069202/000119312522302285/d411104d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-302285

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer