Summary
This amended 8-K filing from McGraw Hill Financial, Inc. (now S&P Global Inc. - SPGI) provides details on the separation agreement with Neeraj Sahai, the former President of Standard & Poor's Rating Services. The agreement, dated September 24, 2015, outlines the terms of his departure, which is being treated as a qualified termination of employment and a termination other than for cause under various company plans. Investors should note the specific severance package Mr. Sahai is entitled to, including a standard severance package under the Senior Executive Severance Plan, a pro-rated annual bonus for 2015, and the retention of certain outstanding equity awards. The company will also reimburse Mr. Sahai's legal fees up to $15,000. This filing clarifies the financial implications of Mr. Sahai's departure and ensures compliance with disclosure requirements.
Key Highlights
- 1Neeraj Sahai, former President of Standard & Poor's Rating Services, has entered into a separation agreement with McGraw Hill Financial, Inc. (SPGI).
- 2The departure is officially classified as a 'qualified termination of employment' and a termination 'other than for cause' under relevant company plans.
- 3Mr. Sahai is entitled to the standard severance package as per the Senior Executive Severance Plan.
- 4He will receive a pro-rated annual bonus for 2015 under the Key Executive Short-Term Incentive Compensation Plan.
- 5Specific equity awards are retained by Mr. Sahai, including 2014 and 2015 restricted share units and performance share units, as well as 2014 stock options.
- 6The company will reimburse Mr. Sahai for legal fees incurred, up to a maximum of $15,000.