Who is Brian Gladden and what was his role at Mondelez International?

Brian Gladden was the Executive Vice President and Chief Financial Officer (CFO) of Mondelez International, Inc. He stepped down from this position effective July 31, 2018.

What is the main purpose of this 8-K filing?

The primary purpose of this filing is to disclose the details of the separation agreement between Mondelēz Global LLC (a subsidiary of the company) and its former CFO, Brian Gladden, including the financial terms of his departure.

What financial compensation will Brian Gladden receive as part of his separation?

As part of the separation agreement, Mr. Gladden will be eligible to receive a pro-rated 2018 Management Incentive Program award. This award will be calculated based on the number of days he worked from January 1, 2018, through his last day of employment, July 31, 2018, and will be paid based on actual performance for both individual and company components.

Are there any other significant terms in the separation agreement?

Yes, the agreement includes a release of claims by Mr. Gladden and imposes other restrictive covenants. It is also structured to comply with or be exempt from Section 409A of the Internal Revenue Code.

MDLZ 8-K: Leadership Changes

Summary

This 8-K filing from Mondelez International, Inc. (MDLZ) announces the details of the separation agreement with former Executive Vice President and Chief Financial Officer, Brian Gladden. Mr. Gladden stepped down from his role effective July 31, 2018. The agreement, entered into on August 13, 2018, outlines his final compensation terms, including a pro-rated 2018 Management Incentive Program award based on his time served in the year. Investors can view this as a standard executive transition. The filing confirms the departure and provides clarity on the financial arrangements tied to Mr. Gladden's exit, ensuring compliance with relevant tax codes. The primary takeaway is the formalization of the CFO transition and the associated financial settlements, which is now a disclosed event.

Key Highlights

1Formalization of Brian Gladden's departure as EVP and CFO, effective July 31, 2018.
2Mondelēz Global LLC entered into a separation agreement with Brian Gladden on August 13, 2018.
3Mr. Gladden is eligible for a pro-rated 2018 Management Incentive Program award based on days worked.
4The agreement includes a release of claims and restrictive covenants.
5The separation agreement is designed to comply with Section 409A of the Internal Revenue Code.
6The full Separation Agreement and General Release is filed as Exhibit 10.1 to this report.

Mondelez International, Inc. 8-K Report, Executive Changes (Aug 17, 2018)

Summary

Key Highlights

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