secwatch.observer — SEC 8-K summary
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Issuer:     RBC Bearings INC (RBC)
CIK:        0001324948
Form:       8-K
Filed at:   2022-06-09T23:59:59+00:00
Accession:  0001213900-22-032056
Event type: other
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1324948/000121390022032056/0001213900-22-032056-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1324948/000121390022032056/ea161400-8k_rbcbearings.htm
  HTML page:      https://secwatch.observer/filing/0001213900-22-032056

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