Summary
Altria Group, Inc. (MO) filed an 8-K on May 4, 2017, to announce the retirement of its Executive Vice President and General Counsel, Denise F. Keane, effective June 30, 2017. Ms. Keane, who has served the company for 40 years, will receive a pro-rated cash payment for her 2017 service under the annual incentive award program and will have all her unvested restricted and performance stock units fully vested upon retirement. These arrangements are in line with existing company incentive plans and agreements. Investors should note that the company is providing details on Ms. Keane's retirement benefits, which include continued eligibility for retirement benefits generally available to retirees. The announcement also reaffirms that Ms. Keane will remain subject to the terms of her existing Executive Confidentiality and Non-Competition Agreement, ensuring ongoing protection of company interests. Further details on executive compensation programs can be found in the company's 2017 Proxy Statement.
Key Highlights
- 1Announcement of Denise F. Keane's retirement as EVP and General Counsel, effective June 30, 2017, after 40 years of service.
- 2Ms. Keane to receive a pro-rated cash payment under the 2017 annual incentive award program, based on performance targets.
- 3All of Ms. Keane's unvested restricted stock units and performance stock units will become fully vested upon retirement.
- 4Ms. Keane will be eligible for retirement benefits generally available to other retirees.
- 5Ms. Keane will continue to be bound by her Executive Confidentiality and Non-Competition Agreement.
- 6The press release announcing this event was filed as Exhibit 99.1.