Summary
This 8-K filing from The Charles Schwab Corporation (SCHW) primarily concerns an amendment to its Deferred Compensation Plan II, approved by the Compensation Committee on October 19, 2017. The key change expands eligibility for deferring salary to include officers with the title of Executive Vice President and above, meaning all officers are now eligible to defer both salary and incentive compensation. This plan allows key personnel to defer a portion of their cash compensation, offering a degree of financial planning flexibility for executives.
Key Highlights
- 1The Charles Schwab Corporation amended and restated its Deferred Compensation Plan II.
- 2The amendment, effective October 19, 2017, expands eligibility for salary deferral.
- 3Officers with the title of Executive Vice President and above are now eligible to defer salary.
- 4Previously, the plan may have had more restrictive eligibility criteria for salary deferrals.
- 5All officers can now defer both salary and incentive compensation payments under the updated plan.
- 6The plan provides a mechanism for executive officers to defer a portion of their cash compensation.
- 7The full amended and restated plan is filed as an exhibit to this report.
Frequently Asked Questions
The Deferred Compensation Plan II allows officers of The Charles Schwab Corporation and its subsidiaries to defer a portion of certain cash compensation they earn, including salary and incentive payments.
The plan was amended and restated to extend the ability to defer salary to officers with the title of Executive Vice President and above. This makes all officers eligible to defer salary, in addition to incentive compensation.
This amendment benefits officers of The Charles Schwab Corporation, particularly those at the Executive Vice President level and above, by providing them with greater flexibility in managing their compensation through deferrals.
The full text of The Charles Schwab Corporation Deferred Compensation Plan II, as amended and restated as of October 19, 2017, is included as Exhibit 10.377 to this Form 8-K filing.