Summary
This 8-K filing from The Hartford Financial Services Group, Inc. (HIG) reports on a material event occurring on March 21, 2012. The primary focus of this report is the execution of a Letter Agreement with David Levenson, Executive Vice President and President of the Wealth Management Division. This agreement details a retention bonus structure designed to ensure Mr. Levenson's continued employment through February 28, 2013. Investors should note the specifics of the retention bonus, which is payable in installments and can reach up to $2 million. The agreement also outlines provisions for partial payment of the bonus should Mr. Levenson be released from employment before the specified date. Importantly, this new agreement does not alter Mr. Levenson's existing compensation, benefits, or rights under previously established severance plans.
Key Highlights
- 1The Hartford Financial Services Group, Inc. entered into a Letter Agreement with David Levenson, Executive Vice President and President of Wealth Management, on March 21, 2012.
- 2The agreement includes a retention bonus for Mr. Levenson, potentially totaling up to $2 million.
- 3The bonus is contingent upon Mr. Levenson's continued active employment with the company through specific payment dates, culminating on February 28, 2013.
- 4In the event of early termination by the company, Mr. Levenson is entitled to receive the next scheduled payment of the bonus.
- 5The Letter Agreement does not modify Mr. Levenson's existing compensation, benefits, or rights under existing severance plans.
- 6The existing Hartford Senior Executive Officer Severance Pay Plan and The Hartford Protection Agreement remain in full effect.
- 7This filing was made on March 23, 2012, reporting an event from March 21, 2012.