Gorman-Rupp signs change-of-control severance agreements for CEO, CFO and general counsel
GRC•Gorman-Rupp entered new change-of-control severance agreements on Oct. 1, 2026, providing specified cash payments and benefits if qualifying terminations occur around a change of control.
1. Severance terms
The agreements cover CEO Scott A. King, CFO Ronald F. Stoops and Brigette A. Burnell. If triggered, King would receive three times his base salary plus a prior bonus amount and a prorated annual bonus; other covered executives would receive two times base salary plus a prior bonus amount and a prorated annual bonus. Benefits include 18 months of COBRA premiums, a retirement benefit uplift tied to 24 months of credited service and accelerated equity vesting. The terms apply to qualifying terminations within two years after a change of control or within six months before one.
