01—Abstract
Summary
Summary of the 8-K filed February 17, 2009. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing from Procter & Gamble (PG) on February 17, 2009, details a significant special equity award granted to Chairman and CEO A.G.
Lafley on February 10, 2009. The award, valued at $3,500,000,a was given in recognition of Mr. Lafley's strategic leadership and foresight in initiating and executing the acquisition and integration of The Gillette Company. This was highlighted as the company's largest and most successful acquisition to date, creating the world's largest consumer products company.
This compensation action underscores the Board's acknowledgment of Mr. Lafley's contribution to shareholder value through this transformative merger. The award, in the form of restricted stock units, will be based on the closing stock price on February 27, 2009, aligning executive compensation with long-term shareholder interests and the company's strategic success.
02—Key points
Key Highlights
- Procter & Gamble (PG) granted CEO A.G. Lafley a special equity award of $3,500,000.
- The award recognizes Mr. Lafley's leadership in the acquisition and integration of The Gillette Company.
- The Gillette acquisition is described as P&G's largest and most successful to date.
- The compensation decision was made by the Compensation & Leadership Development Committee of the Board of Directors.
- The award will be granted in the form of restricted stock units.
- The value of the restricted stock units will be determined by P&G's closing stock price on February 27, 2009.
03—Questions
Frequently Asked Questions
Why was A.G. Lafley awarded a special equity grant?
A.G. Lafley was awarded a special equity grant of $3,500,000 in recognition of his strategic foresight in initiating the acquisition of The Gillette Company and his leadership throughout the acquisition and integration processes, which were described as the company's largest and most successful.
What is the form of this special equity award?
The special equity award is in the form of restricted stock units granted under the company's 2001 Stock and Incentive Compensation Plan.
How will the value of the restricted stock units be determined?
The value of the restricted stock units will be determined using the closing price of Procter & Gamble's Common Stock on the New York Stock Exchange on February 27, 2009.
Who decided on this executive compensation?
The decision to grant this special equity award was made by the Compensation & Leadership Development Committee of the Board of Directors of The Procter & Gamble Company.
04—Continue