Summary
This amendment to Marsh & McLennan Companies, Inc.'s (MRSH) Form 8-K filing provides crucial details regarding the compensation and employment terms for its newly appointed Chief Financial Officer, J. Michael Bischoff. Investors will find transparency on his salary, bonus structure, and long-term incentives, which were finalized on September 19, 2012, following his effective appointment on September 4, 2012. The filing outlines a base salary of $650,000, retroactive to March 2012, an annual bonus with a target of $1,250,000 (with potential to range from 0% to 200% of target), and eligibility for long-term incentive compensation with a target grant date fair value of $750,000 starting in 2013. Notably, Mr. Bischoff will receive a significant restricted stock unit grant valued at $1,500,000 effective October 1, 2012, recognizing his expanded role.
Key Highlights
- 1J. Michael Bischoff officially appointed as Chief Financial Officer, effective September 4, 2012, reporting to President & CEO Brian Duperreault.
- 2Mr. Bischoff's annual base salary set at $650,000, retroactive to his interim appointment date of March 16, 2012.
- 3Annual bonus target established at $1,250,000, with potential payout ranging from 0% to 200% of target based on performance.
- 4Eligible for long-term incentive compensation with a target grant date fair value of $750,000, starting with the 2013 annual grant.
- 5Will receive a restricted stock unit grant valued at $1,500,000 as of October 1, 2012, to acknowledge increased responsibilities.
- 6Participates in the Senior Executive Severance Plan, providing benefits in specific termination scenarios (e.g., termination without cause, change in control) including cash severance and continued benefits.
- 7Continues to be eligible for standard employee benefit plans and the Financial Services Program.