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.