8-KLeadership ChangesExhibits & Filings

S&P Global Inc. 8-K Report, Executive Changes (Sep 25, 2013)

Filed September 25, 2013For Securities:SPGI

Summary

This 8-K filing from McGraw Hill Financial, Inc. (now S&P Global Inc.) on September 25, 2013, primarily provides an update on the departure of Charles L. Teschner, Jr., Executive Vice President of Global Strategy and Corporate Development. The filing confirms his departure date as December 31, 2013, and outlines the compensation and terms associated with his exit. Key details include a $225,000 cash payment to Mr. Teschner in exchange for a 6-month non-compete agreement. Additionally, his departure is classified as a "qualified termination of employment," entitling him to standard severance benefits under the company's Senior Executive Severance Plan. This classification also impacts his outstanding stock options, allowing for continued vesting during the severance period and an extended exercise window, as well as a pro rata portion of restricted performance share awards.

Key Highlights

  • 1Departure of Executive Vice President of Global Strategy and Corporate Development, Charles L. Teschner, Jr., confirmed for December 31, 2013.
  • 2Company to pay $225,000 in cash to Mr. Teschner for a 6-month non-compete agreement.
  • 3Mr. Teschner's departure qualifies for the Senior Executive Severance Plan, entitling him to standard severance benefits.
  • 4Outstanding stock options will continue vesting during the severance period and can be exercised for up to 6 months post-severance.
  • 5Mr. Teschner will receive a pro rata portion of his restricted performance share awards.
  • 6The filing also lists the Non-Compete Agreement as an exhibit.

Frequently Asked Questions

The main purpose of this 8-K filing is to formally announce and detail the departure of Charles L. Teschner, Jr., Executive Vice President of Global Strategy and Corporate Development, including the terms of his separation agreement.

Mr. Teschner will receive a $225,000 cash lump sum in exchange for a 6-month non-compete agreement. He will also be entitled to standard severance benefits under the company's Senior Executive Severance Plan, continued vesting of stock options during his severance period, and a pro rata portion of his restricted performance share awards.

His departure is classified as a 'qualified termination,' meaning his outstanding stock options will continue to vest during the severance period and can be exercised for up to 6 months following that period. He will also receive a pro rata portion of his outstanding restricted performance share awards, payable on the regularly scheduled payment date.

The non-compete agreement is a crucial part of the separation terms, obligating Mr. Teschner not to compete with McGraw Hill Financial, Inc. for a period of 6 months following his departure. The company is paying $225,000 for this restriction, indicating the value placed on preventing competition from a former executive.