Summary
Intercontinental Exchange, Inc. (ICE) filed an 8-K on January 21, 2020, to announce the retirement of its Vice Chairman, Charles A. Vice, effective March 31, 2020. Mr. Vice will transition to an advisor role to the CEO, providing strategic, market, and regulatory advice until his anticipated departure on February 28, 2022. This extended advisory period is designed to ensure an orderly handover of his responsibilities. While Mr. Vice's executive role is concluding, he will continue to vest in his equity awards and receive standard benefits. His compensation during the transition will be a reduced base salary of $20,000 per year. The company has also entered into a Transition and Separation Agreement with Mr. Vice, which includes non-competition, non-solicitation, confidentiality, and non-disparagement clauses. This filing serves to inform investors about a significant leadership transition and the terms of the outgoing executive's continued involvement.
Key Highlights
- 1Charles A. Vice, Vice Chairman of ICE, will retire from his executive role on March 31, 2020.
- 2Mr. Vice will transition to an Advisor to the CEO role, providing strategic, market, and regulatory advice.
- 3His advisory tenure is expected to continue until February 28, 2022, ensuring a smooth transition.
- 4During the transition, Mr. Vice will receive a reduced annual base salary of $20,000.
- 5Mr. Vice will continue to vest in his existing equity awards and receive standard benefits.
- 6A Transition and Separation Agreement has been executed, including standard restrictive covenants.
- 7The filing incorporates by reference a press release announcing these changes.