secwatch.observer — SEC 8-K summary
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Issuer:     DiamondRock Hospitality Co (DRH)
CIK:        0001298946
Form:       8-K
Filed at:   2024-05-23T23:59:59+00:00
Accession:  0001298946-24-000084
Event type: leadership
Sentiment:  neutral
Materiality: 0.65
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CEO Mark Brugger and CIO Troy Furbay finalize severance; lump-sum payments total $9M+
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- Brugger receives $6.885M severance, $418,497 pro-rata bonus, $3.5M in lieu of 2024 equity.
- Furbay receives $2.128M severance, $154,076 pro-rata bonus, $1.025M for 2024 contingent awards.
- Both executives' 2022 restricted stock, LTIP units, and retention awards vest immediately.
- PSU awards from 2022 and 2023 remain eligible; shares issued at target after performance period.
- CEO Brugger subject to 5-year non-compete; Furbay gets up to $10K attorney fee reimbursement.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1298946/000129894624000084/0001298946-24-000084-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1298946/000129894624000084/drh-20240517.htm
  HTML page:      https://secwatch.observer/filing/0001298946-24-000084

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