Summary
This Form 8-K filing from The Hartford Financial Services Group, Inc. (HIG) on July 27, 2010, primarily details executive compensation arrangements approved by the Board of Directors and its Compensation Committee on July 21-22, 2010. The most significant disclosures relate to the grant of restricted stock units (RSUs) to key executives, including the CEO, CFO, and Chief Risk Officer, with vesting scheduled for three years post-grant. These awards, valued up to $2 million for the CEO, are intended to incentivize and retain top talent. Additionally, the report discloses a relocation expense reimbursement for the Chief Investment Officer, Gregory McGreevey, not to exceed $200,000, contingent upon the sale of his home and continued employment. While these are internal compensation matters, they provide insight into the company's approach to rewarding and retaining its senior leadership, particularly during a period of economic flux.
Key Highlights
- 1CEO Liam E. McGee granted restricted stock units (RSUs) valued at $2 million.
- 2CFO Christopher J. Swift and Chief Risk Officer Lizabeth H. Zlatkus received RSU awards valued at $500,000 and $900,000 respectively.
- 3RSU awards are subject to a three-year vesting period and will be paid in company common stock.
- 4Lizabeth H. Zlatkus is retirement-eligible and her RSUs will vest pro rata upon retirement.
- 5Relocation expense payment of up to $200,000 approved for Chief Investment Officer Gregory McGreevey.
- 6The relocation payment is conditional on the sale of McGreevey's home by October 19, 2010, and continued employment for one year post-sale.
- 7Awards granted under the Company's 2010 Incentive Stock Plan.