Summary
This 8-K filing from Johnson Controls International plc (filed under its previous name Tyco International Ltd. in 2013) reports on changes to the compensation of its Chief Executive Officer, George R. Oliver. Effective January 1, 2014, Mr. Oliver's base salary will increase, and his target annual incentive bonus percentage will be raised. Additionally, the grant date fair value of his long-term equity incentive award for fiscal year 2014 has been increased. These adjustments reflect an enhancement of the CEO's compensation package, with a specific focus on increasing both short-term (bonus) and long-term (equity) incentives. The long-term equity award will be split equally between stock options and performance share units, subject to the terms of the company's 2012 Stock and Incentive Plan, signaling continued alignment between executive compensation and company performance.
Key Highlights
- 1CEO George R. Oliver's annual salary to increase from $975,000 to $1,000,000, effective January 1, 2014.
- 2Target annual incentive bonus for the CEO will increase from 100% of salary to 125% of salary.
- 3Grant date fair value of CEO's annual long-term equity grant increased from $5 million to $6 million.
- 4Fiscal 2014 long-term equity award for the CEO is split equally between stock options and performance share units.
- 5Awards are governed by the terms of the Tyco International Ltd. 2012 Stock and Incentive Plan.
- 6The filing details changes approved by the Compensation and Human Resources Committee of the Board of Directors.