Summary
This 8-K filing from Altria Group, Inc. details the compensation arrangements for Executive Vice President and General Counsel, Murray R. Garnick, upon his retirement effective April 1, 2024. The Compensation & Talent Development Committee has approved pro-rated cash payments for Mr. Garnick's annual incentive award for 2024 and his long-term incentive plans (LTIPs) covering the 2022-2024 and 2023-2025 performance periods. These payments are contingent on individual and company performance, with specific targets and valuation methodologies outlined. Additionally, Mr. Garnick will receive pro-rated cash payments in lieu of unvested restricted stock units (RSUs) and performance share units (PSUs) granted in 2022 and 2023. The value of these payments will be determined based on average stock prices prior to retirement and, for PSUs, adjusted for actual company performance over the relevant cycles. This approach aligns with Altria's established guidelines for departing executive officers, ensuring consistency in compensation treatment.
Key Highlights
- 1Murray R. Garnick, EVP and General Counsel, to retire effective April 1, 2024.
- 2Mr. Garnick will receive pro-rated cash payments for his 2024 annual incentive award, targeting $244,700 based on target performance.
- 3Pro-rated cash payments approved for 2022-2024 and 2023-2025 Long-Term Incentive Plans (LTIPs), based on target individual and actual company performance.
- 4Unvested RSU and PSU awards granted in 2022 and 2023 will be forfeited, but will be replaced by pro-rated cash payments.
- 5Estimated aggregate cash payment for unvested RSUs is approximately $1,066,279, based on recent stock prices.
- 6Estimated aggregate cash payment for unvested PSUs at target performance is approximately $798,665, subject to future company performance adjustments.
- 7Compensation treatment is consistent with Altria's guidelines for departing executive officers.