Summary
This 8-K filing by Emerson Electric Co. (EMR) provides an update regarding the compensation awarded to its new Chief Executive Officer, Surendralal (Lal) L. Karsanbhai. Following his appointment as CEO and Director on February 5, 2021, Mr. Karsanbhai received an additional award of 50,000 shares of restricted stock on February 8, 2021. This award is designed to incentivize long-term commitment, with the restricted shares vesting after a period of 10 years from the grant date.
Key Highlights
- 1Surendralal (Lal) L. Karsanbhai appointed Chief Executive Officer and Director effective February 5, 2021.
- 2Mr. Karsanbhai received an additional award of 50,000 restricted shares on February 8, 2021.
- 3The restricted stock award is part of his compensation in connection with his CEO appointment.
- 4The restricted shares are issued under the Company’s 2015 Incentive Shares Plan.
- 5The restricted stock award has a 10-year cliff vesting period from the date of grant.
- 6Further details on executive compensation can be found in the Company's annual proxy statement.
Frequently Asked Questions
The main purpose of this 8-K filing is to disclose an additional compensation award made to Emerson Electric's new CEO, Surendralal (Lal) L. Karsanbhai, following his appointment.
The new CEO, Surendralal (Lal) L. Karsanbhai, was awarded 50,000 shares of restricted stock.
The restricted stock shares will vest 10 years from the date of the grant, which was February 8, 2021. This is referred to as a 'cliff vest' structure.
More comprehensive information regarding executive compensation arrangements can be found in Emerson Electric's annual proxy statement.