Summary
This 8-K filing by Arconic Inc. (now Howmet Aerospace Inc.) on December 10, 2019, primarily announces the adoption of the Arconic Inc. 2020 Annual Cash Incentive Plan, effective January 1, 2020. This new plan is designed to provide cash award opportunities to designated officers and employees based on the achievement of specified performance goals. The plan replaces previous incentive compensation plans and outlines the administration by the Compensation and Benefits Committee. Key features include the establishment of award levels, company performance goals (financial or operational), and individual performance goals, with potential adjustments for significant corporate events. The maximum annual award per participant is capped at $9 million, and awards are subject to forfeiture and recoupment provisions.
Key Highlights
- 1Adoption of the Arconic Inc. 2020 Annual Cash Incentive Plan, effective January 1, 2020.
- 2The plan targets cash awards to officers and employees based on performance.
- 3Replaces prior annual cash incentive compensation plans.
- 4Administered by the Compensation and Benefits Committee, with flexibility for delegation.
- 5Performance goals can be based on company, divisional, or individual performance metrics.
- 6Maximum annual award per participant is capped at $9 million.
- 7Awards are subject to forfeiture and recoupment provisions.