Summary
This filing is an amendment to a previous 8-K report detailing changes related to the retirement of James P. Dollive, the former Executive Vice President and Chief Financial Officer of Kraft Foods Inc. (which was later renamed Mondelez International, Inc.). The amendment clarifies that additional retirement benefits were approved for Mr. Dollive by the Compensation Committee on October 4, 2007. These benefits are contingent upon Mr. Dollive adhering to restrictive covenants regarding competition and employee solicitation until February 28, 2009. This ensures the company's proprietary information and workforce remain protected during the post-retirement period. Furthermore, the filing notes that Mr. Dollive's performance for the 2007 fiscal year was assessed, with a 150% of target personal performance rating awarded for his contributions to the financial transformation following the company's spin-off from Altria Group, Inc. in March 2007. This exceptional rating will influence his final incentive compensation for the year. The specific terms of the retirement agreement, including the value of the deferred stock units replacing forfeited awards, are detailed in a separate exhibit.
Key Highlights
- 1Amendment to a prior 8-K report concerning the retirement of EVP and CFO, James P. Dollive.
- 2Additional retirement benefits approved for Mr. Dollive by the Compensation Committee.
- 3Benefits are conditional upon Mr. Dollive agreeing to non-compete and non-solicitation clauses until February 28, 2009.
- 4Mr. Dollive's 2007 performance rating was 150% of target, recognizing his work on the financial transformation post-Altria spin-off.
- 5Unvested restricted stock awards granted in 2006-2007 will be forfeited upon retirement but replaced with equivalent deferred stock units if covenants are met.
- 6The retirement agreement and general release are filed as an exhibit (Exhibit 99.1).