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Subsequent Events
6 Months Ended
Feb. 28, 2022
Subsequent Events [Abstract]  
Subsequent Events Note 14. Subsequent Events

Dividend Declaration

On March 15, 2022, the Company’s Board declared a cash dividend of $0.78 per share payable on April 29, 2022 to shareholders of record on April 15, 2022.

Changes to Executive Leadership and the Board

On March 15, 2022, the Board adopted a resolution to increase the size of the Board from ten to eleven, effective immediately.

On March 16, 2022, the Company announced the (i) retirement of Garry O. Ridge as CEO of the Company, effective August 31, 2022, (ii) the appointment of Steven A. Brass, currently the President and Chief Operating Officer (“COO”) of the Company, as CEO, effective September 1, 2022, and (iii) the appointment of Mr. Brass to the Board, effective March 15, 2022.

Mr. Ridge will remain as an employee of the Company until January 2, 2023, after which he will serve as a consultant to the Company until June 30, 2023, and will remain on the Board of the Company and serve as Chairman, until December 13, 2022.

In connection with Mr. Ridge’s retirement, the Company and Mr. Ridge entered into a Transition and Release Agreement on March 11, 2022 (the “Transition Agreement”) and signed the FY 2022 Restricted Stock Unit Award Agreement (“RSU Agreement”). Pursuant to the Transition Agreement, the Company granted him 5,347 restricted stock units (with a value of $1.0 million) with a grant date of March 17, 2022, which are scheduled to vest on June 30, 2023, subject to certain terms and conditions in the Transition Agreement and/or the RSU Agreement.

The foregoing description of the terms and conditions of the Transition Agreement and the RSU Agreement does not purport to be complete and is qualified in its entirety by reference to the Transition Agreement and the RSU Agreement, which are filed as Exhibit 10(c) and Exhibit 10(d), respectively, included in Part II-Item 6, “Exhibits” and incorporated by reference in this report.