RBC Bearings CEO and COO forgo $10.85M and $5.03M in compensation under new equity program

RBC Bearings INC

CEO Hartnett and COO Bergeron each waived previously earned equity awards worth $16.8M and $7.37M, receiving restricted stock worth $5.99M and $2.34M.
New compensation program replaces one-year equity cycle with three-year performance metrics based on EBITDA and ROIC.
CEO base salary increased retroactively to $950,000; COO base salary raised to $610,000 retroactively.
Employment agreements amended and restated, initial term expires March 31, 2024, with automatic annual renewal.
Changes were made in response to recent say-on-pay results and approved by Compensation Committee on June 3, 2022.

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