01—Abstract
Summary
Summary of the 8-K filed August 23, 2024. Cited figures are marked; the original filing is the authoritative source.
On August 20, 2024, the Compensation Committee of Ingersoll Rand Inc. granted supplemental equity awards to Vikram Kini, Senior Vice President and Chief Financial Officer, and Michael Weatherred, Senior Vice President, IR Execution Excellence (IRX) and Business Excellence.
The grants followed a comprehensive mid-year review of named executive officer compensation, conducted with the Company's independent compensation consultant, to ensure total compensation remains market competitive. Mr. Kini received 3,591 restricted stock units (RSUs) and 8,694 stock options. Mr. Weatherred received 3,867 RSUs and 9,363 stock options.
Both sets of awards vest in four equal annual installments beginning August 20, 2025. The stock options carry an exercise price of $90.50a, the Company's closing share price on August 20, 2024. The awards are intended to supplement the 2024 annual long-term incentive awards previously reported, and they are subject to the same terms and conditions.
The Committee states that it expects to incorporate the value of these supplemental awards into the annual grants to Mr. Kini and Mr. Weatherred in future award cycles. The filing is primarily a compensation disclosure under Item 5.02 and does not report financial results or other operating information.
02—Key points
Key Highlights
- The Compensation Committee granted supplemental equity awards on August 20, 2024, to CFO Vikram Kini and SVP Michael Weatherred following a mid-year review of named executive officer pay.
- Mr. Kini received 3,591 RSUs and 8,694 stock options; Mr. Weatherred received 3,867 RSUs and 9,363 stock options.
- All awards vest in four equal annual installments beginning August 20, 2025.
- Stock options have an exercise price of $90.50, equal to the closing share price on August 20, 2024.
- The grants supplement the 2024 annual long-term incentive awards previously reported and follow the same terms and conditions, under the Amended and Restated 2017 Omnibus Incentive Plan (as amended).
- The review was conducted with the Company's independent compensation consultant to ensure total compensation is market competitive.
- The Committee expects to incorporate the value of these supplemental awards into future annual grants to both executives.
03—Questions
Frequently Asked Questions
Why did Ingersoll Rand grant these additional equity awards?
The Compensation Committee approved the grants after a comprehensive mid-year review of total compensation for the named executive officers, conducted with its independent compensation consultant. The stated purpose was to ensure total compensation is market competitive.
How many awards did each executive receive?
Vikram Kini received 3,591 RSUs and 8,694 stock options. Michael Weatherred received 3,867 RSUs and 9,363 stock options.
When do the awards vest and at what price can the options be exercised?
The RSUs and stock options vest in four equal annual installments beginning August 20, 2025. Each vested option is exercisable for one share of common stock at $90.50 per share, the closing price on August 20, 2024.
How do these grants relate to the executives' regular compensation?
The awards supplement the 2024 annual long-term incentive awards previously reported and carry the same terms and conditions. The Committee expects to factor their value into the annual grants to Mr. Kini and Mr. Weatherred in future award cycles.
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