Summary
This 8-K filing by Nasdaq, Inc. (NDAQ) on October 26, 2016, primarily announces a significant leadership transition. Effective January 1, 2017, Hans-Ole Jochumsen will move from his current role to become Vice Chairman, a position he will hold until January 1, 2018, at which point his employment agreement is set to expire unless mutually extended. This transition involves specific compensation arrangements for Mr. Jochumsen in his new role. Investors should note the base salary, target annual cash incentive, and equity grant values for this period. The filing also indicates that Mr. Jochumsen will continue to vest in his outstanding equity grants based on performance, even after his employment agreement concludes. The associated press release is included as an exhibit.
Key Highlights
- 1Hans-Ole Jochumsen to transition to Vice Chairman role from January 1, 2017, to January 1, 2018.
- 2Mr. Jochumsen's employment agreement is set to expire on January 1, 2018, unless mutually extended.
- 3As Vice Chairman, Mr. Jochumsen will receive an annual base salary of $500,000.
- 4He is eligible for an annual cash incentive award with a target value of $500,000 in 2017.
- 5Mr. Jochumsen will be eligible for an annual equity grant with a target value of $750,000 in 2017.
- 6Outstanding equity grants will continue to vest based on actual performance upon the expiration of his agreement.
- 7A press release dated October 24, 2016, announcing the transition is attached as Exhibit 99.1.