Summary
This 8-K/A filing from Lowe's Companies Inc. (LOW) primarily details an amendment regarding the compensation arrangements for Mr. Maltsbarger following his appointment to Chief Operating Officer, effective February 3, 2018. The Compensation Committee has approved a new annual base salary of $725,000. Additionally, Mr. Maltsbarger will be eligible for a short-term incentive opportunity targeting 100% of his base salary for fiscal year 2018.
Key Highlights
- 1Mr. Maltsbarger appointed Chief Operating Officer effective February 3, 2018.
- 2New annual base salary for Mr. Maltsbarger set at $725,000.
- 3Mr. Maltsbarger eligible for a fiscal 2018 short-term incentive with a target of 100% of base salary.
- 4Equity-based awards under the Long-Term Incentive Plan for fiscal 2018 will have a value of 450% of base salary.
- 5Actual value of equity awards depends on performance vesting goals and continued employment.
- 6Mr. Maltsbarger will receive benefits generally available to executive officers.
Frequently Asked Questions
The primary purpose of this filing is to disclose the updated compensation package for Mr. Maltsbarger upon his appointment as Chief Operating Officer.
Mr. Maltsbarger's new annual base salary is $725,000. He is also eligible for a short-term incentive for fiscal 2018 with a target of 100% of his base salary.
In fiscal 2018, Mr. Maltsbarger will be granted equity awards under the Long-Term Incentive Plan valued at 450% of his base salary. The actual value and vesting depend on performance goals and continued employment.