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CANADIAN PACIFIC KANSAS CITY LTD/CN 8-K Report, Executive Changes (May 23, 2023)

Reports
Leadership Changes·Exhibits & Filings
Filing Date
Filed May 23, 2023
Period End
May 17, 2023
Security
CP
In the record · 2016–202610-K2010-Q328-K361

CP filed 20 annual reports (10-K), 32 quarterly reports (10-Q) and 361 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jun ’17Jun ’17
  2. Material agreement8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Jul ’26Jul ’26

01—Abstract

Summary

Summary of the 8-K filed May 23, 2023. Cited figures are marked; the original filing is the authoritative source.

Canadian Pacific Kansas City Limited (CP) announced on May 17, 2023, the granting of one-time equity awards to key officers, including Messrs.

Velani, Brooks, and Redd. These awards are structured as performance share units, contingent upon the achievement of specific synergy EBITDA targets and relative total shareholder return over a performance period from April 28, 2023, to December 1, 2026. This move signals a strong focus on aligning executive compensation with post-merger integration success and shareholder value creation.

The significant award values, with target grant values for Messrs. Velani, Brooks, and Redd at CAD$3.98 milliona, USD$2.59 million, and USD$2.57 million, respectively, underscore the importance the company places on achieving the anticipated benefits of the recent merger. Investors should monitor the company's progress in realizing synergy targets as a key indicator of future performance.

02—Key points

Key Highlights

  1. One-time equity awards granted to key officers (Velani, Brooks, Redd) on May 17, 2023.
  2. Awards are performance share units, subject to achievement of synergy EBITDA targets.
  3. Awards also linked to relative total shareholder return performance measures.
  4. Performance period for these awards is from April 28, 2023, to December 1, 2026.
  5. Significant target grant values: CAD$3.98 million (Velani), USD$2.59 million (Brooks), USD$2.57 million (Redd).
  6. Aligns executive compensation with post-merger integration success and shareholder value.

03—Questions

Frequently Asked Questions

  1. What type of compensation was awarded to the officers?

    The officers received one-time equity awards in the form of performance share units.

  2. What are the performance conditions for these equity awards?

    The awards are contingent upon the achievement of synergy EBITDA targets and relative total shareholder return performance measures over a specified period.

  3. What is the value of the awards granted?

    The target grant values are CAD$3.98 million for Mr. Velani, USD$2.59 million for Mr. Brooks, and USD$2.57 million for Mr. Redd.

  4. What is the performance period for these awards?

    The performance period runs from April 28, 2023, to December 1, 2026.

04—Continue

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