8-KLeadership Changes

EQUIFAX INC 8-K Report, Executive Changes (Apr 28, 2009)

Filed April 28, 2009For Securities:EFX

Summary

This 8-K filing from Equifax Inc. (EFX) on April 28, 2009, details executive compensation actions approved by the Compensation, Human Resources and Management Succession Committee on April 22, 2009. Specifically, it outlines the 2009 long-term incentive award opportunities for the company's named executive officers, including grants of stock options and restricted stock units under the 2008 Omnibus Incentive Plan. The approved awards are effective April 24, 2009, and involve a mix of stock options with a ten-year term and vesting over three years, and restricted stock units vesting three years from the grant date. Vesting is generally contingent upon continued employment, with provisions for acceleration in cases of retirement, death, disability, or change in control, which are important considerations for investors monitoring executive alignment with shareholder interests.

Key Highlights

  • 1Equifax approved 2009 long-term incentive awards for its named executive officers.
  • 2Awards include stock options and restricted stock units (RSUs) under the 2008 Omnibus Incentive Plan.
  • 3Stock options have a 10-year term and vest in three equal installments over three years.
  • 4Restricted Stock Units vest in full after three years.
  • 5Vesting for both awards is subject to continued employment, with acceleration provisions for retirement, death, disability, or change in control.
  • 6The CEO, Richard F. Smith, received the largest grants of both stock options (220,000) and RSUs (90,000).
  • 7These compensation actions reflect ongoing executive remuneration strategies as of April 2009.

Frequently Asked Questions

The primary purpose of this 8-K filing is to disclose the approval of 2009 long-term incentive award opportunities, including stock options and restricted stock units, for Equifax's named executive officers.

The stock options vest in three equal installments on the first, second, and third anniversaries of the grant date. The restricted stock units vest in full three years from the grant date. Both are generally contingent on continued employment, with exceptions for retirement, death, disability, or change in control.

Richard F. Smith, Chairman and Chief Executive Officer, received the largest grants, with 220,000 stock options and 90,000 restricted stock units.

Yes, vesting for both stock options and restricted stock units can be accelerated in the event of a change in control, as well as for retirement, death, or disability in the case of restricted stock units.