At first, Mr. Linebarger will sit on the Board’s Sustainability & Corporate Responsibility Committee and Audit Committee.According to Republic’s previously established compensation arrangements for non-employee directors, Mr. Linebarger will be compensated with both cash and equity. This will include an annual retainer of $100,000, which will be prorated for the portion of 2024 that follows his appointment to the Board, and an annual grant of restricted stock units with a fair market value of $230,000 as of the grant date. Furthermore, Republic’s non-employee directors, including Mr. Linebarger, receive additional RSUs at the end of each quarter in which dividends are distributed to stockholders. The value of these additional RSUs is equal to the value of dividends that the directors would have received on all of the RSUs they held on the dividend payment date, based on the closing price of Republic common stock on that date. The RSUs are immediately vested upon grant and, unless they are deferred into Republic’s Deferred Compensation Plan, will be settled by the issuance of shares of Republic common stock three years after the director’s departure from the Board or upon the director’s resignation.
Tom Linebarger, sixty, was named to the Republic Services, Inc. Board of Directors on February 6, 2024, with immediate effect.
