Summary
This 8-K filing by General Electric Company (GE) primarily details the separation agreement and compensation arrangements for its departing Chief Financial Officer (CFO), Jamie Miller. Ms. Miller, who was slated to transition out of her role with the appointment of Carolina Dybeck Happe on March 1, 2020, will remain employed until September 30, 2020, assisting with the CFO transition and other projects. The agreement outlines specific severance payments, pro-rated bonus eligibility, and accelerated vesting of certain stock awards for Ms. Miller, reflecting her contributions and the transition period.
Key Highlights
- 1Jamie Miller will transition from her CFO role, with Carolina Dybeck Happe set to take over on March 1, 2020.
- 2Ms. Miller will remain employed by GE until September 30, 2020, in a special projects capacity to aid in the CFO transition.
- 3GE will provide Ms. Miller with severance pay of $2,900,000, paid over twelve months post-separation.
- 4Ms. Miller is eligible for a pro-rated bonus for the 2020 plan year, based on the corporate pool funding level.
- 5Outstanding stock options and RSUs granted over a year prior to separation, vesting through December 31, 2022, will vest sooner post-separation.
- 6Outstanding PSUs granted over a year prior will remain eligible for vesting based on company performance.
- 7Ms. Miller has entered into a Separation Agreement & Release, including cooperation and non-competition clauses.