Company: ABM
Filing Date: 2025-06-10
Form Type: 8-K
Source: 0000950170-25-084112
Chunk: 1

Company: ABM INDUSTRIES INC /DE/
Filing Date: 2025-06-10
Form: 8-K
Item: Item 5.02
Chunk 1
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 determined after the end of the performance period, and (iv) any earned but unpaid annual cash bonus. The employment agreement includes confidentiality, employee and customer non-solicitation and non-competition covenants. If Mr. Orr is terminated under circumstances qualifying him for payments and benefits under the change in control agreement, his payments and benefits will be governed by such agreement.

The change in control agreement provides that, in the event of a change in control (as defined therein) of the Company and Mr. Orr’s employment is terminated by the Company without cause or he resigns for good reason within two years thereafter, Mr. Orr will be entitled to: (i) two and one-half times the sum of his base salary plus target cash bonus; (ii) the vesting of all then unvested equity awards (and, in the case of performance awards, such awards will vest at a target award level), and (iii) payment equal to the present value of health and welfare benefits for 18 months; and (iv) payment of any unpaid, but earned, incentive pay and a pro rata portion of any unpaid incentive pay at a target award level for the performance period in which the termination occurs. The change in control agreement includes confidentiality and non-competition covenants.

In connection with Mr. Orr’s entry into the executive employment agreement and change in control agreement with the Company, he ceased to participate in the Company’s executive severance plan.

On June 6, 2025, Earl Ellis terminated from the position of chief financial officer. Mr. Ellis is expected to serve as Senior Advisor until no later than September 5, 2025 (the “ Separation Date”). In connection with his departure from the Company on the Separation Date, Mr. Ellis will be entitled to receive severance payments and benefits for a termination without cause in accordance with the terms of his executive employment agreement and his outstanding equity awards, subject to signing a release of claims.