Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 13, 2022, Terrence Young provided notice to Comfort Systems USA, Inc.
(the "Company") of his decision to resign from his position as Senior Vice
President - Service, effective January 14, 2022 (the "Resignation Date"). In
connection with his resignation, he entered into a Resignation and General
Release Agreement with the Company on January 18, 2022 (the "Resignation
Agreement").
Pursuant to the Resignation Agreement, Mr. Young will be entitled to receive
severance in the amount of $75,000, payable in twenty-three equal installments
during 2022.
In exchange for these payments, Mr. Young agreed to: (i) forfeit his rights to
receive (a) any outstanding short-term incentive bonus payment for fiscal year
2021, and (b) any amounts in respect of his outstanding equity awards, (ii)
acknowledge and continue to comply with restrictive covenants requiring
non-competition, non-solicitation, and non-raiding of the Company's customers
and employees for the remainder of 2022, and (iii) a general release of all
claims associated with Mr. Young's employment with the Company. Mr. Young
further agreed to make himself available to reasonable requests for information
from the Company regarding his former duties and other related matters until
December 31, 2022.
The Resignation Agreement is attached hereto as Exhibit 10.1 and is incorporated
herein by reference.
ITEM 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit
Number Description
10.1 Resignation and General Release Agreement between Comfort Systems
USA, Inc. and Terrence Young, dated as of January 18, 2022.
104 Cover Page Interactive Data File (the cover page XBRL tags are
embedded within the Inline XBRL document).
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