Summary
This 8-K filing from Mondelez International (MDLZ) announces the retirement of Executive Vice President and President, Developing Markets, Sanjay Khosla, effective March 31, 2013. In connection with his retirement, the company entered into an Agreement Upon Retirement and General Release, as well as a Consulting Agreement with Mr. Khosla. The retirement agreement provides Mr. Khosla with additional benefits in exchange for his commitment to several restrictive covenants, including non-competition, non-solicitation of employees, and confidentiality. These benefits include a pro-rata incentive plan payment for 2013 and adjustments to his long-term incentive plan awards, including accelerated vesting for certain restricted stock awards from Kraft Foods Group, Inc. contingent on his compliance with the covenants.
Key Highlights
- 1Sanjay Khosla, EVP and President, Developing Markets, to retire on March 31, 2013.
- 2Mondelez Global LLC entered into an Agreement Upon Retirement and General Release with Mr. Khosla.
- 3Mr. Khosla agreed to restrictive covenants including non-competition, non-solicitation, and confidentiality.
- 4Additional retirement benefits are provided to Mr. Khosla in consideration for these covenants.
- 5These benefits include a pro-rata 2013 Management Incentive Plan payment.
- 6Adjustments to Long-Term Incentive Plan (LTIP) performance shares are detailed, with specific vesting schedules for forfeited restricted stock.
- 7A separate Consulting Agreement was established for Mr. Khosla to provide leadership development consulting services from April 1, 2013, to December 31, 2013, for a monthly retainer and potential daily rate.