Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 13, 2024, the Compensation and Human Resources Committee of the Board of Directors (the "Board") of Aramark (the "Company") approved the grant to John Zillmer, the Company's Chief Executive Officer, of Restricted Stock Units ("RSUs") to be granted effective as of August 15, 2024 with a grant date fair value of $5,000,000. These RSUs will vest on the earlier to occur of: (i) the third anniversary of the date of grant and (ii) the date that is six months following the date (the "Succession Date") upon which a successor Chief Executive Officer appointed by the Board on a permanent basis commences active employment with the Company (or such earlier date following the Succession Date as may be determined by the Board in its sole discretion), subject to Mr. Zillmer's continued employment with the Company through such vesting date. The RSUs also provide for accelerated vesting in the event of certain qualifying termination of employment events (not including Mr. Zillmer's voluntary retirement).
The foregoing is a summary of the material terms of the RSUs. The summary does not purport to be complete and is qualified in its entirety by reference to the form of RSU Grant Award which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.