8-KLeadership ChangesExhibits & Filings

EIDP, Inc. 8-K Report, Executive Changes (Jan 27, 2011)

Filed January 27, 2011For Securities:CTA-PBCTA-PA

Summary

This 8-K filing by E. I. du Pont de Nemours and Company (DuPont) details two key executive-related events. Firstly, the company has entered into a one-year consulting agreement with former Executive Vice President Jeffrey L. Keefer, who retired effective December 31, 2010. Mr. Keefer will receive a $15,000 monthly retainer to assist with ongoing business matters, subject to customary provisions like conflict of interest restrictions and non-compete clauses. Secondly, the Board of Directors approved compensation adjustments for Chair and CEO Ellen J. Kullman. Her annual salary will increase by 3% to $1.339 million, effective March 1, 2011. She will also receive a short-term incentive payment of $2.846 million for 2010 and a target short-term incentive award of $2.198 million for 2011. Additionally, a significant long-term incentive award valued at $7.5 million was approved, to be granted on February 2, 2011, comprising an equal mix of stock options, time-vested RSUs, and performance-based RSUs.

Key Highlights

  • 1E. I. du Pont de Nemours and Company (DuPont) filed an 8-K on January 26, 2011, reporting on executive compensation and agreements.
  • 2A one-year consulting agreement was established with former Executive Vice President Jeffrey L. Keefer, commencing upon his retirement on December 31, 2010.
  • 3Mr. Keefer will be paid a $15,000 monthly retainer under the consulting agreement, which includes conflict of interest, non-competition, and confidentiality clauses.
  • 4The Board of Directors approved a 3% salary increase for Chair and CEO Ellen J. Kullman, raising her annual salary to $1.339 million, effective March 1, 2011.
  • 5Mrs. Kullman received a 2010 short-term incentive payment of $2.846 million and a target short-term incentive award of $2.198 million for 2011.
  • 6A long-term incentive award valued at $7.5 million was granted to Mrs. Kullman, effective February 2, 2011, composed of stock options, time-vested RSUs, and performance-based RSUs in equal proportions.

Frequently Asked Questions

DuPont has entered into a one-year consulting agreement with Mr. Keefer, who retired as Executive Vice President on December 31, 2010, to ensure his continued participation in ongoing business matters critical to the company.

Mr. Keefer will receive a monthly retainer of $15,000 for one year. The agreement also includes standard provisions such as restrictions on conflicts of interest, non-competition and non-solicitation covenants, protection of confidential information, and reimbursement of expenses.

The Board approved a 3% increase in Mrs. Kullman's annual salary to $1.339 million (effective March 1, 2011), a short-term incentive payment of $2.846 million for 2010, a target short-term incentive award of $2.198 million for 2011, and a significant long-term incentive award valued at $7.5 million.

The long-term incentive award, effective February 2, 2011, will be delivered in an equal mix, by fair value on the grant date, of stock options, time-vested restricted stock units (RSUs), and performance-based restricted stock units (RSUs).