01—Abstract
Summary
Summary of the 8-K filed April 30, 2013. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing from Accenture plc (ACN) on April 30, 2013, details changes related to the retirement of Chief Financial Officer Pamela J.
Craig. The Board of Directors has approved waiving certain service-based vesting conditions on a portion of Ms. Craig's outstanding equity awards, including time-vested restricted stock units and performance-vested restricted share units. This decision aims to recognize her past performance while retaining performance-based vesting for a portion of the awards.
Furthermore, Ms. Craig will receive a cash payment equivalent to potential fiscal 2013 equity awards for her performance during the year. She will also be provided with office space and administrative support post-retirement until the end of 2013. These arrangements reflect the company's approach to executive transitions and compensation upon retirement.
02—Key points
Key Highlights
- Accenture's CFO, Pamela J. Craig, is retiring.
- The Board has waived certain service-based vesting conditions on Ms. Craig's outstanding equity awards.
- This waiver applies to both time-vested restricted stock units and performance-vested restricted share units.
- Performance-based vesting conditions for some awards remain in effect and are contingent on Accenture meeting performance objectives.
- Ms. Craig will receive a cash payment for her fiscal 2013 performance, equivalent to potential equity awards.
- Post-retirement benefits include office space and administrative support until December 31, 2013.
03—Questions
Frequently Asked Questions
Why is Accenture waiving service-based vesting conditions for Ms. Craig's equity awards?
The Board waived these conditions to recognize Ms. Craig's past performance and contributions to the company as she retires from her role as CFO.
Will Ms. Craig still receive all of her performance-based equity awards?
No, while some service-based vesting conditions are waived, the vesting of performance-based awards remains contingent upon Accenture achieving specific performance objectives over the relevant performance periods. The actual number of shares earned may be below, at, or above the target.
What is the nature of Ms. Craig's compensation for her fiscal 2013 performance?
Instead of receiving equity awards under certain programs for fiscal 2013 performance, Ms. Craig will receive an equivalent cash payment. The exact amount will be determined when awards are finalized for other named executive officers.
What other benefits will Ms. Craig receive upon retirement?
In addition to the equity waivers and cash payment, Ms. Craig will be provided with office space and administrative support for her use after her retirement, up until December 31, 2013.
04—Continue