[8-K] GXO Logistics, Inc. Reports Material Event
United States Steel Corporation (U.S. Steel, ticker X) filed a series of Post-Effective Amendments to more than 20 previously effective Form S-8 registration statements. The amendments remove from registration every share of common stock that remained unsold under the company鈥檚 various employee benefit and equity incentive plans.
The action follows the closing of the June 18 2025 merger in which Nippon Steel North America, Inc. acquired U.S. Steel through its wholly owned subsidiary, 2023 Merger Subsidiary, Inc. As a result, U.S. Steel became a wholly owned subsidiary of Nippon Steel and will no longer offer or sell securities to the public under the cited plans.
Key points:
- Deregistration covers plans such as the Savings Fund Plan for Salaried Employees, the 2002 and 2005 Stock Plans, the 2016 Omnibus Incentive Compensation Plan, multiple 401(k) plans and other legacy arrangements.
- The largest individual registration affected was 14.5 million shares registered in April 2021 under the 2016 Compensation Plan; other registrations ranged from 100 k to 9.73 million shares.
- The filing is administrative and stems directly from the merger; no new financial results or forward-looking information are provided.
Because the company is now private, these amendments formally terminate the public offering of shares tied to employee benefit programs and eliminate any future reporting obligations related to these unsold securities.
United States Steel Corporation (U.S. Steel, ticker X) ha presentato una serie di Emendamenti Post-Efficaci a pi霉 di 20 dichiarazioni di registrazione Form S-8 precedentemente efficaci. Gli emendamenti rimuovono dalla registrazione ogni azione ordinaria rimasta invenduta nell'ambito dei vari piani di benefit per i dipendenti e incentivi azionari della societ脿.
L'azione segue la chiusura della fusione del 18 giugno 2025 in cui Nippon Steel North America, Inc. ha acquisito U.S. Steel tramite la sua controllata interamente posseduta, 2023 Merger Subsidiary, Inc. Di conseguenza, U.S. Steel 猫 diventata una controllata interamente posseduta di Nippon Steel e non offrir脿 pi霉 titoli al pubblico ai sensi dei piani citati.
Punti chiave:
- La cancellazione dalla registrazione riguarda piani come il Savings Fund Plan per i dipendenti salariati, i piani azionari 2002 e 2005, il 2016 Omnibus Incentive Compensation Plan, diversi piani 401(k) e altri accordi storici.
- La registrazione individuale pi霉 grande interessata 猫 stata di 14,5 milioni di azioni registrate nell'aprile 2021 sotto il 2016 Compensation Plan; altre registrazioni variano da 100.000 a 9,73 milioni di azioni.
- La presentazione 猫 di natura amministrativa e deriva direttamente dalla fusione; non sono forniti nuovi risultati finanziari o informazioni prospettiche.
Poich茅 la societ脿 ora 猫 privata, questi emendamenti terminano formalmente l'offerta pubblica di azioni legate ai programmi di benefit per i dipendenti ed eliminano qualsiasi futura obbligazione di rendicontazione relativa a questi titoli invenduti.
United States Steel Corporation (U.S. Steel, ticker X) present贸 una serie de Enmiendas Post-Efectivas a m谩s de 20 declaraciones de registro Formulario S-8 previamente vigentes. Las enmiendas eliminan de registro todas las acciones ordinarias que permanec铆an sin vender bajo los diversos planes de beneficios para empleados y planes de incentivos de capital de la compa帽铆a.
Esta acci贸n sigue al cierre de la fusi贸n del 18 de junio de 2025 en la que Nippon Steel North America, Inc. adquiri贸 U.S. Steel a trav茅s de su subsidiaria de propiedad total, 2023 Merger Subsidiary, Inc. Como resultado, U.S. Steel se convirti贸 en una subsidiaria de propiedad total de Nippon Steel y ya no ofrecer谩 ni vender谩 valores al p煤blico bajo los planes mencionados.
Puntos clave:
- La desregulaci贸n cubre planes como el Savings Fund Plan para empleados asalariados, los Planes de Acciones de 2002 y 2005, el Plan de Compensaci贸n Incentiva Omnibus 2016, varios planes 401(k) y otros arreglos heredados.
- El registro individual m谩s grande afectado fue de 14,5 millones de acciones registradas en abril de 2021 bajo el Plan de Compensaci贸n 2016; otros registros variaron entre 100 mil y 9,73 millones de acciones.
- La presentaci贸n es administrativa y surge directamente de la fusi贸n; no se proporcionan nuevos resultados financieros ni informaci贸n prospectiva.
Dado que la compa帽铆a ahora es privada, estas enmiendas terminan formalmente la oferta p煤blica de acciones vinculadas a los programas de beneficios para empleados y eliminan cualquier obligaci贸n futura de reporte relacionada con estos valores no vendidos.
United States Steel Corporation (U.S. Steel, 韹办护 X)電� 鞚挫爠鞐� 須牓鞚� 鞛堧崢 20臧� 鞚挫儊鞚� Form S-8 霌彪 氇呾劯靹滌棎 雽�頃� 鞚茧牗鞚� 靷泟 須牓 靾橃爼(Post-Effective Amendments)鞚� 鞝滌稖頄堨姷雼堧嫟. 鞚� 靾橃爼鞚� 須岇偓鞚� 雼れ枒頃� 歆侅洂 氤惦Μ頉勳儩 氚� 欤检嫕 鞚胳劶韹半笇 瓿勴殟鞐� 霐半澕 韺愲Г霅橃 鞎婌潃 氇摖 氤错喌欤茧ゼ 霌彪鞐愳劀 鞝滌櫢顷╇媹雼�.
鞚� 臁办箻電� Nippon Steel North America, Inc.臧� 鞕勳爠 鞛愴殞靷澑 2023 Merger Subsidiary, Inc.毳� 韱淀暣 U.S. Steel鞚� 鞚胳垬頃� 2025雲� 6鞗� 18鞚� 頃╇硲 膦呺鞐� 霐半ジ 瓴冹瀰雼堧嫟. 瓴瓣臣鞝侅溂搿� U.S. Steel鞚� Nippon Steel鞚� 鞕勳爠 鞛愴殞靷皜 霅橃棃鞙茧┌, 雿� 鞚挫儊 頃措嫻 瓿勴殟鞐� 霐半澕 瓿店皽鞝侅溂搿� 歃濌秾鞚� 鞝滉车頃橁卑雮� 韺愲Г頃橃 鞎婌姷雼堧嫟.
欤检殧 雮挫毄:
- 霌彪 毵愳唽電� 旮夓棳 歆侅洂 鞝�於� 旮瓣笀 瓿勴殟(Savings Fund Plan), 2002雲� 氚� 2005雲� 欤检嫕 瓿勴殟, 2016雲� 膦呿暕 鞚胳劶韹半笇 氤挫儊 瓿勴殟(Omnibus Incentive Compensation Plan), 鞐煬 401(k) 瓿勴殟 氚� 旮绊儉 旮办〈 瓿勳暯鞚� 韽暔顷╇媹雼�.
- 臧�鞛� 韥� 臧滊硠 霌彪鞚� 2016 氤挫儊 瓿勴殟 頃橃棎 2021雲� 4鞗旍棎 霌彪霅� 1,450毵� 欤�鞓�鞙茧┌, 雼るジ 霌彪鞚� 10毵� 欤检棎靹� 973毵� 欤� 靷澊鞓�鞀惦媹雼�.
- 鞚措矆 鞝滌稖鞚� 頄夓爼鞝� 靹标博鞚措┌ 頃╇硲鞐愳劀 歆侅爲 旮办澑頃� 瓴冹溂搿�, 靸堧鞖� 鞛 瓴瓣臣雮� 氙鸽灅 鞝勲 鞝曤炒電� 鞝滉车霅橃 鞎婌姷雼堧嫟.
須岇偓臧� 鞚挫牅 牍勳儊鞛レ偓臧� 霅橃棃旮� 霑岆鞐�, 鞚� 靾橃爼鞚� 歆侅洂 氤惦Μ頉勳儩 頂勲攴鸽灗瓿� 甏�霠悳 欤检嫕鞚� 瓿店皽 鞝滉车鞚� 瓿奠嫕鞝侅溂搿� 膦呺頃橂┌, 鞚措煬頃� 韺愲Г霅橃 鞎婌潃 歃濌秾瓿� 甏�霠悳 頄ロ泟 氤搓碃 鞚橂毳� 鞝滉卑顷╇媹雼�.
United States Steel Corporation (U.S. Steel, symbole X) a d茅pos茅 une s茅rie d'amendements post-effectifs 脿 plus de 20 d茅clarations d'enregistrement Formulaire S-8 pr茅c茅demment en vigueur. Ces amendements suppriment de l'enregistrement chaque action ordinaire non vendue dans le cadre des diff茅rents plans d'avantages sociaux et d'incitation en actions de la soci茅t茅.
Cette action fait suite 脿 la cl么ture de la fusion du 18 juin 2025 au cours de laquelle Nippon Steel North America, Inc. a acquis U.S. Steel par le biais de sa filiale en propri茅t茅 exclusive, 2023 Merger Subsidiary, Inc. En cons茅quence, U.S. Steel est devenue une filiale en propri茅t茅 exclusive de Nippon Steel et n'offrira ni ne vendra plus de titres au public dans le cadre des plans mentionn茅s.
Points cl茅s :
- La 诲茅谤茅蝉别谤惫补迟颈辞苍 concerne des plans tels que le Savings Fund Plan pour les employ茅s salari茅s, les plans d'actions de 2002 et 2005, le Plan de r茅mun茅ration incitative omnibus de 2016, plusieurs plans 401(k) et d'autres arrangements h茅rit茅s.
- La plus grande inscription individuelle concern茅e 茅tait de 14,5 millions d'actions enregistr茅es en avril 2021 dans le cadre du Plan de r茅mun茅ration 2016 ; d'autres inscriptions variaient de 100 000 脿 9,73 millions d'actions.
- Le d茅p么t est administratif et d茅coule directement de la fusion ; aucun nouveau r茅sultat financier ni information prospective n'est fourni.
脡tant donn茅 que la soci茅t茅 est d茅sormais priv茅e, ces amendements mettent formellement fin 脿 l'offre publique d'actions li茅es aux programmes d'avantages sociaux des employ茅s et 茅liminent toute obligation future de d茅claration li茅e 脿 ces titres invendus.
Die United States Steel Corporation (U.S. Steel, Ticker X) hat eine Reihe von Post-Effective-脛nderungen zu mehr als 20 zuvor wirksamen Form S-8-Registrierungserkl盲rungen eingereicht. Die 脛nderungen entfernen alle nicht verkauften Stammaktien aus der Registrierung, die im Rahmen der verschiedenen Mitarbeiterbenefit- und Aktienanreizpl盲ne des Unternehmens verblieben sind.
Diese Ma脽nahme folgt dem Abschluss der Fusion am 18. Juni 2025, bei der Nippon Steel North America, Inc. U.S. Steel 眉ber seine hundertprozentige Tochtergesellschaft 2023 Merger Subsidiary, Inc. 眉bernommen hat. Infolgedessen wurde U.S. Steel eine hundertprozentige Tochtergesellschaft von Nippon Steel und wird unter den genannten Pl盲nen keine Wertpapiere mehr 枚ffentlich anbieten oder verkaufen.
Wichtige Punkte:
- Die Abmeldung betrifft Pl盲ne wie den Savings Fund Plan f眉r Angestellte, die Aktienpl盲ne von 2002 und 2005, den Omnibus Incentive Compensation Plan von 2016, mehrere 401(k)-Pl盲ne und weitere Altvereinbarungen.
- Die gr枚脽te einzelne betroffene Registrierung umfasste 14,5 Millionen Aktien, die im April 2021 unter dem 2016 Compensation Plan registriert wurden; andere Registrierungen reichten von 100.000 bis 9,73 Millionen Aktien.
- Die Einreichung ist administrativer Natur und resultiert direkt aus der Fusion; es werden keine neuen Finanzergebnisse oder zukunftsgerichteten Informationen bereitgestellt.
Da das Unternehmen nun privat ist, beenden diese 脛nderungen formell das 枚ffentliche Angebot von Aktien im Zusammenhang mit Mitarbeiterbenefitprogrammen und beseitigen zuk眉nftige Berichtsverpflichtungen f眉r diese unver盲u脽erten Wertpapiere.
- Merger completion: Confirms the closing of the Nippon Steel acquisition, delivering the previously agreed cash consideration to former U.S. Steel shareholders.
- Loss of public listing: Deregistration underscores that U.S. Steel shares are no longer publicly traded, eliminating direct investment opportunities in the standalone company.
Insights
TL;DR: Administrative deregistration finalizes equity plan cleanup after Nippon Steel takeover; low standalone impact on legacy shareholders.
This filing merely clears the SEC ledger of unsold shares that were once available under U.S. Steel鈥檚 incentive and savings plans. The legal necessity arises from Section 5 obligations tied to registration statements, which must be withdrawn when offerings end. All economic value to former public shareholders was crystallized at the closing of the merger; therefore, the amendment has no incremental cash flow or valuation effect. It does, however, signal completion of post-closing housekeeping and reduces future compliance costs for the private entity.
TL;DR: Filing confirms plan terminations and eliminates residual public-company reporting duties.
From a governance standpoint, deregistering the remaining stock under employee plans prevents inadvertent violations of securities laws and ensures that plan participants cannot acquire public-market shares that no longer exist. It also closes the books on historical equity compensation programs, simplifying benefit administration within Nippon Steel鈥檚 corporate structure. Impact is operational rather than financial, hence neutral for investors.
United States Steel Corporation (U.S. Steel, ticker X) ha presentato una serie di Emendamenti Post-Efficaci a pi霉 di 20 dichiarazioni di registrazione Form S-8 precedentemente efficaci. Gli emendamenti rimuovono dalla registrazione ogni azione ordinaria rimasta invenduta nell'ambito dei vari piani di benefit per i dipendenti e incentivi azionari della societ脿.
L'azione segue la chiusura della fusione del 18 giugno 2025 in cui Nippon Steel North America, Inc. ha acquisito U.S. Steel tramite la sua controllata interamente posseduta, 2023 Merger Subsidiary, Inc. Di conseguenza, U.S. Steel 猫 diventata una controllata interamente posseduta di Nippon Steel e non offrir脿 pi霉 titoli al pubblico ai sensi dei piani citati.
Punti chiave:
- La cancellazione dalla registrazione riguarda piani come il Savings Fund Plan per i dipendenti salariati, i piani azionari 2002 e 2005, il 2016 Omnibus Incentive Compensation Plan, diversi piani 401(k) e altri accordi storici.
- La registrazione individuale pi霉 grande interessata 猫 stata di 14,5 milioni di azioni registrate nell'aprile 2021 sotto il 2016 Compensation Plan; altre registrazioni variano da 100.000 a 9,73 milioni di azioni.
- La presentazione 猫 di natura amministrativa e deriva direttamente dalla fusione; non sono forniti nuovi risultati finanziari o informazioni prospettiche.
Poich茅 la societ脿 ora 猫 privata, questi emendamenti terminano formalmente l'offerta pubblica di azioni legate ai programmi di benefit per i dipendenti ed eliminano qualsiasi futura obbligazione di rendicontazione relativa a questi titoli invenduti.
United States Steel Corporation (U.S. Steel, ticker X) present贸 una serie de Enmiendas Post-Efectivas a m谩s de 20 declaraciones de registro Formulario S-8 previamente vigentes. Las enmiendas eliminan de registro todas las acciones ordinarias que permanec铆an sin vender bajo los diversos planes de beneficios para empleados y planes de incentivos de capital de la compa帽铆a.
Esta acci贸n sigue al cierre de la fusi贸n del 18 de junio de 2025 en la que Nippon Steel North America, Inc. adquiri贸 U.S. Steel a trav茅s de su subsidiaria de propiedad total, 2023 Merger Subsidiary, Inc. Como resultado, U.S. Steel se convirti贸 en una subsidiaria de propiedad total de Nippon Steel y ya no ofrecer谩 ni vender谩 valores al p煤blico bajo los planes mencionados.
Puntos clave:
- La desregulaci贸n cubre planes como el Savings Fund Plan para empleados asalariados, los Planes de Acciones de 2002 y 2005, el Plan de Compensaci贸n Incentiva Omnibus 2016, varios planes 401(k) y otros arreglos heredados.
- El registro individual m谩s grande afectado fue de 14,5 millones de acciones registradas en abril de 2021 bajo el Plan de Compensaci贸n 2016; otros registros variaron entre 100 mil y 9,73 millones de acciones.
- La presentaci贸n es administrativa y surge directamente de la fusi贸n; no se proporcionan nuevos resultados financieros ni informaci贸n prospectiva.
Dado que la compa帽铆a ahora es privada, estas enmiendas terminan formalmente la oferta p煤blica de acciones vinculadas a los programas de beneficios para empleados y eliminan cualquier obligaci贸n futura de reporte relacionada con estos valores no vendidos.
United States Steel Corporation (U.S. Steel, 韹办护 X)電� 鞚挫爠鞐� 須牓鞚� 鞛堧崢 20臧� 鞚挫儊鞚� Form S-8 霌彪 氇呾劯靹滌棎 雽�頃� 鞚茧牗鞚� 靷泟 須牓 靾橃爼(Post-Effective Amendments)鞚� 鞝滌稖頄堨姷雼堧嫟. 鞚� 靾橃爼鞚� 須岇偓鞚� 雼れ枒頃� 歆侅洂 氤惦Μ頉勳儩 氚� 欤检嫕 鞚胳劶韹半笇 瓿勴殟鞐� 霐半澕 韺愲Г霅橃 鞎婌潃 氇摖 氤错喌欤茧ゼ 霌彪鞐愳劀 鞝滌櫢顷╇媹雼�.
鞚� 臁办箻電� Nippon Steel North America, Inc.臧� 鞕勳爠 鞛愴殞靷澑 2023 Merger Subsidiary, Inc.毳� 韱淀暣 U.S. Steel鞚� 鞚胳垬頃� 2025雲� 6鞗� 18鞚� 頃╇硲 膦呺鞐� 霐半ジ 瓴冹瀰雼堧嫟. 瓴瓣臣鞝侅溂搿� U.S. Steel鞚� Nippon Steel鞚� 鞕勳爠 鞛愴殞靷皜 霅橃棃鞙茧┌, 雿� 鞚挫儊 頃措嫻 瓿勴殟鞐� 霐半澕 瓿店皽鞝侅溂搿� 歃濌秾鞚� 鞝滉车頃橁卑雮� 韺愲Г頃橃 鞎婌姷雼堧嫟.
欤检殧 雮挫毄:
- 霌彪 毵愳唽電� 旮夓棳 歆侅洂 鞝�於� 旮瓣笀 瓿勴殟(Savings Fund Plan), 2002雲� 氚� 2005雲� 欤检嫕 瓿勴殟, 2016雲� 膦呿暕 鞚胳劶韹半笇 氤挫儊 瓿勴殟(Omnibus Incentive Compensation Plan), 鞐煬 401(k) 瓿勴殟 氚� 旮绊儉 旮办〈 瓿勳暯鞚� 韽暔顷╇媹雼�.
- 臧�鞛� 韥� 臧滊硠 霌彪鞚� 2016 氤挫儊 瓿勴殟 頃橃棎 2021雲� 4鞗旍棎 霌彪霅� 1,450毵� 欤�鞓�鞙茧┌, 雼るジ 霌彪鞚� 10毵� 欤检棎靹� 973毵� 欤� 靷澊鞓�鞀惦媹雼�.
- 鞚措矆 鞝滌稖鞚� 頄夓爼鞝� 靹标博鞚措┌ 頃╇硲鞐愳劀 歆侅爲 旮办澑頃� 瓴冹溂搿�, 靸堧鞖� 鞛 瓴瓣臣雮� 氙鸽灅 鞝勲 鞝曤炒電� 鞝滉车霅橃 鞎婌姷雼堧嫟.
須岇偓臧� 鞚挫牅 牍勳儊鞛レ偓臧� 霅橃棃旮� 霑岆鞐�, 鞚� 靾橃爼鞚� 歆侅洂 氤惦Μ頉勳儩 頂勲攴鸽灗瓿� 甏�霠悳 欤检嫕鞚� 瓿店皽 鞝滉车鞚� 瓿奠嫕鞝侅溂搿� 膦呺頃橂┌, 鞚措煬頃� 韺愲Г霅橃 鞎婌潃 歃濌秾瓿� 甏�霠悳 頄ロ泟 氤搓碃 鞚橂毳� 鞝滉卑顷╇媹雼�.
United States Steel Corporation (U.S. Steel, symbole X) a d茅pos茅 une s茅rie d'amendements post-effectifs 脿 plus de 20 d茅clarations d'enregistrement Formulaire S-8 pr茅c茅demment en vigueur. Ces amendements suppriment de l'enregistrement chaque action ordinaire non vendue dans le cadre des diff茅rents plans d'avantages sociaux et d'incitation en actions de la soci茅t茅.
Cette action fait suite 脿 la cl么ture de la fusion du 18 juin 2025 au cours de laquelle Nippon Steel North America, Inc. a acquis U.S. Steel par le biais de sa filiale en propri茅t茅 exclusive, 2023 Merger Subsidiary, Inc. En cons茅quence, U.S. Steel est devenue une filiale en propri茅t茅 exclusive de Nippon Steel et n'offrira ni ne vendra plus de titres au public dans le cadre des plans mentionn茅s.
Points cl茅s :
- La 诲茅谤茅蝉别谤惫补迟颈辞苍 concerne des plans tels que le Savings Fund Plan pour les employ茅s salari茅s, les plans d'actions de 2002 et 2005, le Plan de r茅mun茅ration incitative omnibus de 2016, plusieurs plans 401(k) et d'autres arrangements h茅rit茅s.
- La plus grande inscription individuelle concern茅e 茅tait de 14,5 millions d'actions enregistr茅es en avril 2021 dans le cadre du Plan de r茅mun茅ration 2016 ; d'autres inscriptions variaient de 100 000 脿 9,73 millions d'actions.
- Le d茅p么t est administratif et d茅coule directement de la fusion ; aucun nouveau r茅sultat financier ni information prospective n'est fourni.
脡tant donn茅 que la soci茅t茅 est d茅sormais priv茅e, ces amendements mettent formellement fin 脿 l'offre publique d'actions li茅es aux programmes d'avantages sociaux des employ茅s et 茅liminent toute obligation future de d茅claration li茅e 脿 ces titres invendus.
Die United States Steel Corporation (U.S. Steel, Ticker X) hat eine Reihe von Post-Effective-脛nderungen zu mehr als 20 zuvor wirksamen Form S-8-Registrierungserkl盲rungen eingereicht. Die 脛nderungen entfernen alle nicht verkauften Stammaktien aus der Registrierung, die im Rahmen der verschiedenen Mitarbeiterbenefit- und Aktienanreizpl盲ne des Unternehmens verblieben sind.
Diese Ma脽nahme folgt dem Abschluss der Fusion am 18. Juni 2025, bei der Nippon Steel North America, Inc. U.S. Steel 眉ber seine hundertprozentige Tochtergesellschaft 2023 Merger Subsidiary, Inc. 眉bernommen hat. Infolgedessen wurde U.S. Steel eine hundertprozentige Tochtergesellschaft von Nippon Steel und wird unter den genannten Pl盲nen keine Wertpapiere mehr 枚ffentlich anbieten oder verkaufen.
Wichtige Punkte:
- Die Abmeldung betrifft Pl盲ne wie den Savings Fund Plan f眉r Angestellte, die Aktienpl盲ne von 2002 und 2005, den Omnibus Incentive Compensation Plan von 2016, mehrere 401(k)-Pl盲ne und weitere Altvereinbarungen.
- Die gr枚脽te einzelne betroffene Registrierung umfasste 14,5 Millionen Aktien, die im April 2021 unter dem 2016 Compensation Plan registriert wurden; andere Registrierungen reichten von 100.000 bis 9,73 Millionen Aktien.
- Die Einreichung ist administrativer Natur und resultiert direkt aus der Fusion; es werden keine neuen Finanzergebnisse oder zukunftsgerichteten Informationen bereitgestellt.
Da das Unternehmen nun privat ist, beenden diese 脛nderungen formell das 枚ffentliche Angebot von Aktien im Zusammenhang mit Mitarbeiterbenefitprogrammen und beseitigen zuk眉nftige Berichtsverpflichtungen f眉r diese unver盲u脽erten Wertpapiere.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State
or other jurisdiction |
(Commission
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On June 19, 2025, the Board of Directors (the “Board”) of GXO Logistics, Inc. (the “Company”) approved the appointment of Patrick Kelleher to the position of chief executive officer of the Company. The appointment will be effective on August 19, 2025.
Patrick Kelleher, age 56, is an experienced global supply chain executive who brings thirty-three years of global supply chain experience, strategic leadership and operational excellence to the Company, having held senior executive roles at DHL Supply Chain, a division of Deutsche Post DHL Group. Most recently, Mr. Kelleher served as CEO, North America, of DHL Supply Chain, where he oversaw significant growth and operational improvements across the business. During his tenure at DHL, Mr. Kelleher was global chief development officer and CEO, Americas for Williams Lea Tag, when it operated under DHL’s ownership. Mr. Kelleher brings extensive expertise across many key verticals, including consumer goods, healthcare, technology, ecommerce, and manufacturing, and has also led strategic initiatives spanning transportation, supply chain planning, engineered solutions, and automation.
There are no family relationships between Mr. Kelleher and any director or executive officer of the Company, and Mr. Kelleher has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Offer Letter with Mr. Kelleher
On June 19, 2025, the Company and Mr. Kelleher entered into an offer letter (the “Offer Letter”), the material terms of which are summarized below.
Position; Reporting. Under the Offer Letter, Mr. Kelleher will serve as the Company’s chief executive officer, reporting to the Board.
Work Location. The Offer Letter provides that Mr. Kelleher’s principal place of employment will be the Company’s headquarters in Greenwich, Connecticut and Mr. Kelleher is required to relocate his personal residence to the Greenwich, Connecticut metropolitan area no later than December 31, 2025. Mr. Kelleher is entitled to certain relocation benefits, including reimbursement for airfare and lodging expenses in connection with his commute to the Company’s headquarters prior to relocation and home finding and home marketing assistance. The relocation benefits are required to be repaid by Mr. Kelleher in the event of Mr. Kelleher’s voluntary resignation without good reason or termination of employment for cause prior to December 31, 2026.
Salary; Target Annual Bonus. The Offer Letter provides that the annual base salary for Mr. Kelleher will be $700,000 and that the target annual bonus for Mr. Kelleher will be 160% of base salary. The annual bonus for 2025 will be guaranteed to be paid at least at target, prorated based on the date on which Mr. Kelleher commences employment (such date, the “Effective Date”).
Sign-On Bonus. Under the Offer Letter, Mr. Kelleher will receive a sign on bonus of $250,000 in recognition of his forfeited bonus from his current employer. Payment of the sign-on bonus is subject to Mr. Kelleher’s continued employment through the payment date, except that if his employment is terminated without cause on or after the Effective Date and before the payment date, he will remain entitled to receive the sign-on bonus. The sign-on bonus is required to be repaid to the Company in the event of Mr. Kelleher’s voluntary resignation without good reason or termination of employment for cause prior to the first anniversary of the Effective Date.
2026 Annual Long-Term Incentive Opportunity. Beginning in 2026, Mr. Kelleher will be eligible to participate in the long-term equity program applicable to similarly situated executive officers of the Company. The total target grant date value for the 2026 annual equity awards to be granted to Mr. Kelleher will be no less than $3,400,000.
Grant of Sign-On Awards. The Offer Letter provides that upon the Effective Date, Mr. Kelleher will be granted sign-on equity awards consisting of (i) an award of restricted stock units with a value of $1,250,000 (the “Sign-On RSU Award”) and (ii) an award of performance-based restricted stock units with a value of $3,400,000 (the “Sign-On PSU Award” and together with the Sign-On RSU Award, the “Sign-On Awards”). The Sign-On Awards are in recognition of forfeited equity awards held by Mr. Kelleher with his current employer and are in lieu of any 2025 annual equity awards. The number of shares underlying each Sign-On Award will be determined using the average closing price of the Company’s common stock over the period of thirty consecutive calendar days immediately preceding the Company’s public announcement of the appointment of Mr. Kelleher as chief executive officer.
The Sign-On RSU Award will vest in equal annual installments over three years following the grant date. The Sign-On PSU Award will vest on the third anniversary of the grant date, subject to achievement of the applicable performance goals. Between 0-225% of the target number of shares subject to the Sign-On PSU Award may be earned based on the Company’s total shareholder return relative to that of component companies of the S&P Mid Cap 400 Index during the three-year performance period and the total number of shares that may be earned is capped at 100% if the absolute total shareholder return of the Company during the performance period is negative. Vesting is generally subject to Mr. Kelleher’s continued service through the vesting date, subject to certain exceptions in the event of a qualifying termination of employment, including following a change of control of the Company.
Severance. The Offer Letter provides that Mr. Kelleher will be eligible to participate in the GXO Logistics, Inc. Severance Plan, as in effect from time to time, during his employment as chief executive officer.
Benefits. The Offer Letter provides that Mr. Kelleher will be eligible for benefits in accordance with the Company’s benefits programs available to similarly situated senior executives from time to time. The Company will reimburse Mr. Kelleher for reasonable, documented legal fees up to $10,000 incurred by him in connection with the preparation of the Offer Letter. He will also be covered by the Company’s directors’ and officers’ insurance policy and directors and officer indemnification provisions on the same terms as similarly situated officers and directors.
Restrictive Covenants. The Offer Letter provides that, as a condition to employment, Mr. Kelleher and the Company will enter into a Confidential Information Protection Agreement, which provides for the following restrictive covenants: employee non-solicitation covenant during his employment and for a period of one year thereafter; customer non-solicitation covenant during his employment and for a period of two years thereafter; confidentiality and mutual non-disparagement covenants during his employment and thereafter; and non-competition covenant during his employment and for a period of eighteen months thereafter, except that the Company will have the right to extend the non-compete for two six-month periods.
| Item 7.01 | Regulation FD Disclosure. |
On June 20, 2025, the Company issued a press release regarding certain of the matters described in Item 5.02. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number |
Description | |
| 10.1 | Offer Letter, dated June 19, 2025, between Patrick Kelleher and GXO Logistics, Inc. | |
| 99.1 | Press Release, dated June 20, 2025, issued by GXO Logistics, Inc. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GXO Logistics, Inc. | ||
| Date: June 20, 2025 | By: | /s/ Karlis P. Kirsis |
| Name: | Karlis P. Kirsis | |
| Title: | Chief Legal Officer | |
Source:
FAQ
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