01—Abstract
Summary
Summary of the 8-K/A filed May 19, 2023. Cited figures are marked; the original filing is the authoritative source.
Mastercard Inc. (MA) has filed an 8-K/A amendment primarily detailing a change in the role of Michael Froman.
Effective June 1, 2023, Mr. Froman will transition from his current officer role to an Advisor to the CEO. This move is intended to facilitate a smooth leadership transition, with Mr. Froman continuing with the company until December 31, 2023, albeit on a reduced schedule. Under his new advisory role, Mr. Froman will work 25% of his full-time commitment and receive a prorated annual salary of $181,250a.
His 2023 bonus target will be 125%b of his part-time base salary, also prorated. Importantly, his existing equity awards remain unchanged, and he will not receive any new equity grants for the remainder of 2023. This filing provides clarity on executive transitions and compensation arrangements.
02—Key points
Key Highlights
- Michael Froman to transition to Advisor to the CEO role effective June 1, 2023.
- Mr. Froman will continue with Mastercard through December 31, 2023, to ensure a seamless leadership transition.
- His new role involves a reduced schedule of 25% of his current full-time commitment.
- Annual salary in the advisory role will be $181,250, prorated.
- 2023 bonus target set at 125% of part-time base salary, prorated.
- Existing equity awards for Mr. Froman will not be modified.
- Mr. Froman will not be eligible for additional equity awards in 2023.
03—Questions
Frequently Asked Questions
What is the primary purpose of this 8-K/A filing?
The primary purpose of this 8-K/A filing is to announce and detail the transition of Michael Froman to an Advisor to the CEO role, ensuring a smooth leadership handover and outlining his compensation during this period.
What are the terms of Michael Froman's new role as Advisor to the CEO?
Effective June 1, 2023, Mr. Froman will work 25% of his full-time commitment. His annual salary will be $181,250, prorated from the effective date. His bonus target for 2023 is 125% of his part-time base salary, also prorated.
Will Michael Froman receive any new equity awards?
No, Mr. Froman's current equity awards will remain unmodified, and he will not be eligible to receive any additional equity awards for the year 2023.
How long will Michael Froman continue with the company in his advisory capacity?
Mr. Froman is scheduled to continue with Mastercard until December 31, 2023, in his advisory role.
04—Continue