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AI brief of an SEC Form 8-K · RBC Bearings (RBC)

RBC Bearings amends CEO and COO employment agreements, adds new equity award programs

Neutral Impact 3 of 5 leadership Written later

On June 27, 2024, RBC Bearings amended and restated the employment agreements of CEO Dr. Michael J. Hartnett and COO Daniel A. Bergeron, with initial terms expiring March 31, 2026 and automatic annual renewals. The new agreements set Hartnett's base salary at $1,500,000 and Bergeron's at $672,525, and add three annual equity awards tied to adjusted EBITDA, five-year TSR and three-year ROIC, which shareholders may watch as a measure of how pay is linked to performance.

Key points

  • Hartnett base salary set at $1,500,000 per year, retroactive to March 31, 2024; Bergeron base salary set at $672,525 per year
  • Initial term of both agreements expires March 31, 2026, with automatic annual renewals unless either party gives 90 days' notice
  • New equity awards based on one-year adjusted EBITDA, five-year TSR versus peer average, and three-year ROIC, with first TSR and ROIC awards in fiscal 2028

The filing

CompanyRBC Bearings (RBC)
Form8-K, current report
Filed with the SECJun 28, 2024, 4:00 PM ET
Accession number0001213900-24-057164

Items reported: 1.01 Material Definitive Agreement5.02 Director / Officer Change

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:11 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 28, 2024.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.