Summary
This 8-K filing from Philip Morris International Inc. (PM) details the early retirement agreement with Marc S. Firestone, President External Affairs and General Counsel, effective November 3, 2020. The agreement outlines specific financial and equity compensation Mr. Firestone will receive, contingent on his compliance with a non-compete clause. Key terms include a severance payment, pro-rated incentive compensation, full vesting of restricted share units, and scheduled vesting of performance share units. Of particular note for investors is the significant cash payment of approximately $1.67 million tied to a 24-month non-compete obligation, alongside a severance of $835,202. The company is also providing Mr. Firestone with pro-rated 2020 incentive compensation and accelerated vesting of certain equity awards, reflecting his tenure and the terms of his departure.
Key Highlights
- 1Marc S. Firestone, President External Affairs and General Counsel, has entered into an Early Retirement Agreement and Release.
- 2The agreement is effective November 3, 2020, following the previously announced retirement in June 2020.
- 3Mr. Firestone will receive a severance payment of approximately $835,202.
- 4He will receive a cash payment of approximately $1,670,403, contingent upon a 24-month non-compete obligation.
- 5Mr. Firestone's 2020 incentive compensation will be pro-rated through October 31, 2020.
- 6Certain equity awards, including restricted share units, will fully vest, and performance share units will vest as scheduled.