8-KLeadership Changes

CAPITAL ONE FINANCIAL CORP 8-K Report, Executive Changes (Mar 16, 2017)

Filed March 16, 2017For Securities:COFCOF-PLCOF-PICOF-PKCOF-PNCOF-PJ

Summary

This 8-K filing from Capital One Financial Corporation on March 15, 2017, primarily details a Non-Competition Agreement entered into with its Chief Financial Officer, R. Scott Blackley, effective March 14, 2017. The agreement is for a one-year period following Mr. Blackley's separation from the company and restricts him from providing competitive services.

Key Highlights

  • 1Capital One entered into a Non-Competition Agreement with CFO R. Scott Blackley.
  • 2The agreement is effective March 14, 2017.
  • 3The non-competition period is one year following separation from the company.
  • 4If terminated by the Company for reasons other than death, disability, or cause, Mr. Blackley is eligible for payments equal to 15% of his total target compensation.
  • 5These payments are contingent on compliance with the non-competition restrictions.
  • 6Mr. Blackley may also receive up to one year of subsidized COBRA health insurance premiums, subject to eligibility and election.
  • 7No payments are made if Mr. Blackley voluntarily terminates employment or if change of control agreement benefits are payable.

Frequently Asked Questions

The main purpose of this filing is to disclose a Non-Competition Agreement between Capital One and its Chief Financial Officer, R. Scott Blackley, outlining terms related to his potential future employment and compensation upon separation from the company.

The primary financial implication is a potential payout of 15% of Mr. Blackley's total target compensation if his employment is terminated by the company for reasons other than cause, death, or disability. Additionally, there's a provision for subsidized health insurance premiums for up to a year.

Mr. Blackley would receive payments if Capital One terminates his employment for any reason except death, disability, or for cause. He must also comply with the non-competition restrictions for the payments to be made.

Yes, Mr. Blackley would not receive these benefits if he voluntarily terminates his employment or if he is already eligible for benefits under a change of control agreement.