8-KLeadership ChangesExhibits & Filings

FAIR ISAAC CORP 8-K Report, Executive Changes (Jan 10, 2022)

Filed January 10, 2022For Securities:FICO

Summary

Fair Isaac Corporation (FICO) announced a significant leadership change within its software division. Stephanie Covert has been appointed Executive Vice President, Software, consolidating responsibility for all aspects of the software business, including technology, product management, service, sales, and marketing. This move signifies a strategic emphasis on streamlining and strengthening FICO's software operations under a single executive. Concurrently, Claus Moldt, formerly Executive Vice President and Chief Technology Officer, has transitioned to the role of Vice President, Technology. While his base salary remains unchanged, his participation in the Management Incentive Plan has ceased. The company has entered into a new Letter Agreement with Mr. Moldt, outlining his compensation, benefits, and severance terms through December 31, 2022, contingent on continued employment and adherence to specific conditions.

Key Highlights

  • 1Stephanie Covert appointed EVP, Software, with broad responsibilities across the software business.
  • 2Claus Moldt transitions from EVP, CTO to VP, Technology.
  • 3Mr. Moldt's base salary remains the same in his new role.
  • 4Mr. Moldt is no longer eligible for the Management Incentive Plan.
  • 5A new Letter Agreement with Mr. Moldt is in effect until December 31, 2022.
  • 6Equity awards previously granted to Mr. Moldt will vest if he remains employed through December 10, 2022.
  • 7Specific severance and benefit continuation terms are detailed for Mr. Moldt under certain termination scenarios.

Frequently Asked Questions

Stephanie Covert's appointment as Executive Vice President, Software consolidates all software business functions under her leadership. This indicates a strategic focus by FICO to drive growth and efficiency within its software segment by unifying technology, product management, service, sales, and marketing.

Claus Moldt has moved from a top executive technology role (EVP, CTO) to a Vice President, Technology position. While his base salary is maintained, he is no longer part of the Management Incentive Plan. This change suggests a shift in reporting structure and potentially a revised scope of responsibilities within the technology function.

The Letter Agreement with Mr. Moldt runs through December 31, 2022. His base salary is unchanged. Key provisions include accelerated vesting of previously granted equity awards if he remains employed until December 10, 2022, and specific severance pay and benefits if he voluntarily terminates employment before that date. He will also receive COBRA benefit continuation for 12 months under certain termination conditions.

Mr. Moldt's base salary remains the same. However, he will no longer be eligible to participate in the Company's Management Incentive Plan. The agreement details potential severance payments and benefit continuation, which could be considered changes to his overall compensation package depending on the circumstances of his departure.