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%.
Frequently Asked Questions
The stock option grant was made to Irene B. Rosenfeld, the Chairman and CEO, in recognition of her leadership following the company's spin-off from Altria Group in March 2007.
The grant includes 300,000 stock options at fair market value. Half of the options (150,000) will vest if the company's stock price increases by at least 15% from the grant date's fair market value. The other half (150,000) will vest if the stock price increases by at least 25%.
The stock options were granted under Mondelez International's (then Kraft Foods Inc.) 2005 Performance Incentive Plan.
The grant was approved on May 3, 2007, and the stock options have an expiration date ten years from the grant date.