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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
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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 March 29, 2023, David Pendarvis, our global general counsel, chief administrative officer, and secretary, notified us that he intends to retire, effective June 30, 2023. Mr. Pendarvis has served as an executive officer of ResMed for over 20 years and intends to retire after a 39-year career in law and business. In accordance with ResMed’s ongoing executive officer succession planning process, we have initiated an internal candidate search to identify Mr. Pendarvis’ successor and ensure a smooth transition.
Until the effective date of his retirement, Mr. Pendarvis will continue to receive his current salary, benefits, and vesting of long-term equity incentives. In connection with the retirement, we have agreed that Mr. Pendarvis will remain eligible for a short-term incentive cash payment for fiscal year 2023, on the same basis as similarly situated executives, based on his continued employment through June 30, 2023 even though he will not be employed on the date of the payment.
From July 1, 2023, through December 31, 2023, Mr. Pendarvis will serve as a consultant to us, to assist with the transition of his former duties. We have agreed to compensate him for these consulting services at a rate of $10,000 per month. In addition, he will remain eligible for continued vesting of outstanding equity awards, during the consulting period, in accordance with the terms of our equity incentive plans, and the specific equity grants previously made to him.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits |
| Exhibits: |
Description of Document | |
| 99.1 | Press Release dated March 30, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL, document) | |
SIGNATURES
We have authorized the person whose signature appears below to sign this report on our behalf, in accordance with the Securities Exchange Act of 1934.
| Date: March 30, 2023 | RESMED INC. | |||||
| (registrant) | ||||||
| By: | /s/ Brett Sandercock | |||||
| Name: Brett Sandercock | ||||||
| Its: Chief financial officer | ||||||
