By GEERT De LOMBAERDE
This story first ran in our sister publication the Nashville Post.
Tractor Supply will pay former President and COO Steve Barbarick his full salary and 2019 target bonus and, among other things, let him exercise all his stock options in the next year in return for some consulting and transition work.
Barbarick, who had been first in line to succeed CEO Greg Sandfort, abruptly left Tractor Supply late last month, and the company said it had hired an executive search firm to find his successor. He and Tractor Supply representatives last week signed an agreement to have him stay on the company’s payroll through next August.
Brentwood-based Tractor Supply will pay Barbarick his salary — which was $810,000 last year — as well as his target bonus, which is the same amount as his salary. Barbarick also is eligible, among other things, for a prorated part of the actual bonuses Tractor Supply will pay its top executives for 2019 and will be paid for four weeks’ worth of vacation.
In addition, the company vested all of its former president’s stock options and restricted shares as of his exit date; early this year, Barbarick was eligible to acquire — via option exercise or the vesting or restricted stock — more than 151,000 shares that today would be worth more than $15.7 million.