Summary
State Street Corporation (STT) filed an 8-K on September 5, 2013, detailing incentive compensation awarded to Edward J. Resch, Executive Vice President and former Chief Financial Officer, prior to his retirement. The filing announces that Mr. Resch will receive an equity award of 53,766 deferred shares of common stock, which will vest over four years starting in November 2014. Additionally, he will receive a cash award of $1,837,500, payable by the end of September 2013. This compensation package is being provided as Mr. Resch retires from State Street on September 30, 2013, a retirement previously announced in November 2012. The company also granted Mr. Resch a limited waiver of non-competition restrictions under his Executive Supplemental Retirement Plan, specifically narrowing the scope of firms he cannot compete with. Investors should note this event as it relates to executive transition and associated compensation arrangements.
Key Highlights
- 1Edward J. Resch, former CFO, received 2013 incentive compensation.
- 2Equity award includes 53,766 deferred shares of State Street common stock.
- 3Equity award vests in four equal annual installments, commencing November 15, 2014.
- 4Cash award of $1,837,500 is payable on or about September 30, 2013.
- 5Mr. Resch is retiring from State Street on September 30, 2013.
- 6Limited waiver granted for non-competition restrictions, specifying restricted firms (BNY Mellon, Citigroup, JPMorgan Chase, Northern Trust).