Summit Materials Announces Compensation Arrangements for Executive Officers

On December 26, 2024, Summit Materials, Inc. (NYSE:SUM) filed a Form 8-K with the Securities and Exchange Commission, disclosing certain compensatory arrangements for its executive officers. The agreements, dated December 18, 2024, involve payments to Anne P. Noonan, Scott Anderson, Karli S. Anderson, and Christopher B. Gaskill to adjust their compensation for the 2024 calendar year. These adjustments are designed to account for amounts these officers would typically receive in future years or in relation to the merger transactions outlined in the Agreement and Plan of Merger dated November 24, 2024.

The primary objective of these agreements is to mitigate or eliminate the excise tax implications under Sections 280G and 4999 of the Internal Revenue Code that may arise from payments to the executives connected to the completion of the merger transactions. As part of these agreements, the executives are required to reimburse the value of any accelerated equity awards if the Merger Agreement is terminated or if their employment ceases under specified circumstances.

While the filing provides a brief overview of the compensation arrangements with the executive officers, it notes that the agreements are more comprehensively detailed in the original letter agreements. These agreements, attached as Exhibits 10.1, 10.2, 10.3, and 10.4 to the filing, contain the specific terms and conditions of the compensatory adjustments.

In terms of financial disclosures, the filing does not include additional financial statements but lists the Exhibits pertaining to the letter agreements. Summit Materials, Inc. operates as a Delaware corporation with its address at 1801 California Street, Suite 3500, Denver, Colorado 80202, and can be contacted at (303) 893-0012.

Investors and stakeholders are advised to refer to the complete text of the agreements as laid out in the filed documents to gain a comprehensive understanding of the compensatory arrangements and their implications for Summit Materials, Inc.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Summit Materials’s 8K filing here.

Summit Materials Company Profile

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.