LCI Industries (LCII) revises severance and retirement terms for top executives
Rhea-AI Filing Summary
LCI Industries updated executive employment agreements for Ryan R. Smith, Group President North America, and Jamie M. Schnur, President of Aftermarket & Technology Groups, effective June 19, 2026. The amended and restated agreements keep employment in place until ended under their terms.
The executives will now receive the same severance compensation and benefits on an “Approved Retirement” or death during employment as they would on a termination by Lippert Components, Inc. without cause or a resignation for Good Reason. Approved Retirement can occur after the first anniversary of the effective date, with a possible extension up to eighteen months in certain corporate transaction scenarios initiated by the company.
The agreements also apply the updated Good Reason definition to stock-based incentive awards. For Mr. Smith, the cash severance multiple is reduced from three times to two times base salary and average bonus, and the severance payout and post-employment restrictive covenant periods are shortened from 36 months to 24 months.
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8-K Event Classification
Key Figures
Key Terms
Approved Retirement financial
Good Reason financial
stock-based incentive awards financial
post-employment restrictive covenant period financial
FAQ
What executive agreements did LCI Industries (LCII) change in this 8-K?
How does LCI Industries now treat Approved Retirement for LCII executives?
What changed in Ryan R. Smith’s severance terms at LCI Industries (LCII)?
How are stock-based incentive awards affected for LCII executives?
Do LCI Industries (LCII) executives receive severance on death during employment?
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