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.
Frequently Asked Questions
The main purpose of this 8-K filing is to report the departure of Roberto Marques from his executive role at Mondelez International and to detail the terms of his separation agreement, including financial compensation and equity provisions.
Mr. Marques will receive installment payments totaling $875,000 over 12 months and a $20,000 lump sum, in addition to pro-rated incentive awards and accelerated vesting of equity awards.
Yes, the separation agreement requires Mr. Marques to comply with restrictive covenants, including non-compete, non-solicitation, and non-disparagement provisions, in exchange for the additional benefits provided.
Mr. Marques' last day of employment with Mondelēz Global LLC was April 30, 2017.