Summary
This 8-K filing from Mondelez International, Inc. (formerly Kraft Foods Inc. at the time of this filing) reports on a significant stock option grant to its Chairman and CEO, Irene B. Rosenfeld, approved on May 3, 2007. This grant was made in recognition of her leadership following the company's spin-off from Altria Group on March 30, 2007. The total grant consists of 300,000 stock options awarded under the 2005 Performance Incentive Plan at fair market value.
Key Highlights
- 1Irene B. Rosenfeld, Chairman and CEO, received a grant of 300,000 stock options.
- 2The stock option grant was approved by the Compensation Committee of the Board of Directors on May 3, 2007.
- 3The grant is intended to recognize Ms. Rosenfeld's leadership following the company's spin-off from Altria Group.
- 4Options were granted under the company's 2005 Performance Incentive Plan.
- 5The options were granted at fair market value on the date of the grant.
- 6Vesting is performance-based: 150,000 options vest if the stock price appreciates by at least 15%, and the remaining 150,000 vest if the stock price appreciates by at least 25%.