UFP Industries Sets $5.0 Million, Three-Year Payout For Executive Chairman Missad As He Retires From Employment
Missad keeps the board chairmanship after December 31, and the board also declared a $0.36 quarterly dividend.
UFP Industries will pay Executive Chairman Matthew Missad $5.0 million, less tax withholdings, in three annual installments after he retires from his employment on December 31, 2026, an 8-K filed Wednesday says. He will stay on as chairman of the board.
What the 8-K says
The company and Missad signed a Separation of Employment, Noncompete and General Release Agreement, effective December 31, 2026. The installments are due on or about July 1 of 2027, 2028 and 2029.
The package also includes continued vesting of his restricted stock, eligibility for a 2026 performance bonus payable in February 2027, COBRA health coverage as required by law, and reimbursement of unreimbursed business expenses incurred before retirement.
These benefits replace what he would otherwise get under the company's Executive Retirement Plan, not add to it. Missad moved from CEO to Executive Chairman effective December 29, 2024, as the company previously disclosed in an August 27, 2024 filing.
Separately, the board declared a quarterly dividend of $0.36 per share on Wednesday, payable December 15 to holders of record on December 1. The filing calls that a 3% increase from the 2025 dividend rate.
Conditions and the pay logic
Payment depends on a general release of claims in the company's favor and on his continued compliance with restrictive covenants. Those include a noncompete barring competing business activity through December 31, 2029, confidentiality duties and a non-disparagement clause.
If he breaches the agreement, the company may suspend or end outstanding payments, start forfeiture of the restricted shares and seek damages, including recovery of money already paid.
The filing says that when Missad became CEO in 2011, the board discussed an enhanced retirement plan worth three to five times his annual compensation, depending on company performance, his tenure and other factors. No formal arrangement was ever set.
The Personnel and Compensation Committee later found he had exceeded expectations and recommended the $5.0 million, which it said is well below the top of that range.
What to watch
His employment ends December 31, 2026, and the first installment is due on or about July 1, 2027.
The noncompete runs through December 31, 2029, the same year the final installment is due on or about July 1.
Sources
- 8-K Filing — UFP INDUSTRIES INC (UFPI) — SEC EDGAR
