Summary
This 8-K filing from Mondelez International, Inc. (MDLZ) reports on the departure of Roberto Marques from his role as Executive Vice President and President, North America, effective April 18, 2017. A separation agreement was entered into on May 24, 2017, outlining the terms of his exit. The agreement includes financial and equity-based compensation for Mr. Marques, contingent on his adherence to restrictive covenants such as non-compete and non-solicitation clauses. This filing is primarily administrative, detailing the separation of a key executive and the associated financial arrangements.
Key Highlights
- 1Roberto Marques is no longer serving as Executive Vice President and President, North America, effective April 18, 2017.
- 2A separation agreement was executed on May 24, 2017, with Mr. Marques.
- 3The agreement includes a total of $875,000 in installment payments over 12 months, plus a $20,000 lump sum.
- 4Mr. Marques is eligible for a pro-rated 2017 Management Incentive Program award.
- 5Accelerated vesting of certain stock options and restricted stock grants is provided for.
- 6Eligibility for pro-rated performance share units is included.
- 7The agreement includes restrictive covenants including non-compete, non-solicitation, and non-disparagement clauses.