Summary
Moody's Corporation (MCO) filed an 8-K on October 24, 2019, reporting on personnel changes and related agreements. The most significant event detailed is the transition of Mark Almeida, President of Moody's Analytics, from his executive role effective November 1, 2019. This filing provides details on the terms of his departure and subsequent advisory role. Investors should note that Mr. Almeida will continue to be compensated through December 31, 2020, serving as a Special Advisor. His compensation package during this period includes his current base salary, target performance-based bonuses for 2019 and 2020, and eligibility for a 2020 long-term incentive award. Importantly, the one-year post-grant service requirement for his 2019 and 2020 long-term incentive awards will be waived, ensuring he receives these benefits regardless of continued service beyond the advisory period, provided he adheres to confidentiality, non-competition, and cooperation clauses.
Key Highlights
- 1Mark Almeida, President of Moody's Analytics, is stepping down from his executive role effective November 1, 2019.
- 2Mr. Almeida will transition to a Special Advisor role through December 31, 2020.
- 3During his advisory period, Mr. Almeida will continue to receive his current base salary.
- 4He is eligible for annual cash incentive bonuses for 2019 and 2020 based on target performance.
- 5Mr. Almeida will receive a 2020 long-term incentive award equivalent in grant date value to his 2019 award.
- 6Moody's has waived the one-year post-grant service requirement for Mr. Almeida's 2019 and 2020 long-term incentive awards.
- 7The agreement includes customary confidentiality, non-competition, cooperation, and non-solicitation covenants, and a release of claims.