8-KLeadership ChangesExhibits & Filings

TE Connectivity plc 8-K Report, Executive Changes (Mar 10, 2015)

Filed March 10, 2015For Securities:TEL

Summary

TE Connectivity plc (TEL) filed an 8-K on March 10, 2015, to announce a significant executive management change. Terrence Curtin has been appointed President of the Company, effective immediately. This promotion comes with a notable increase in his compensation package, including a substantial base pay raise and an enhanced bonus target. Mr. Curtin's new role is accompanied by significant equity awards, including stock options, performance stock units (PSUs), and restricted stock units, designed to align his incentives with the company's long-term performance, particularly earnings per share (EPS) growth relative to a key market index.

Key Highlights

  • 1Terrence Curtin promoted to President of TE Connectivity Ltd., effective immediately.
  • 2Mr. Curtin's base salary increased from $669,049 to $825,000 (approx. 24% increase).
  • 3Target bonus percentage for Mr. Curtin increased from 90% to 100% of base salary.
  • 4Promotional equity grant to Mr. Curtin includes stock options, performance stock units (PSUs), and restricted stock units.
  • 5PSUs are tied to the company's EPS growth relative to the S&P 500 Non-Financial Companies Index over a three-year period.
  • 6Joseph B. Donahue and Robert N. Shaddock received special equity grants of restricted stock units.
  • 7All equity awards were granted under the company's 2007 Stock and Incentive Plan.

Frequently Asked Questions

Terrence Curtin, formerly Executive Vice President and President, Industrial Solutions, has been named the new President of TE Connectivity, effective immediately as of March 10, 2015.

Mr. Curtin's base pay increased by approximately 24% from $669,049 to $825,000, and his target bonus percentage under the annual bonus plan rose from 90% to 100% of his base salary.

Mr. Curtin received a promotional grant consisting of non-qualified stock options to purchase 20,250 common shares, performance stock units (PSUs) for 3,160 shares, and 2,100 restricted stock units. The PSUs are linked to the company's EPS growth performance over a three-year period.

The PSUs are designed for Mr. Curtin to earn shares based on TE Connectivity's earnings per share (EPS) growth relative to the Standard & Poor’s 500 Non-Financial Companies Index over a three-year performance cycle. Performance is measured annually, with payouts dependent on achieving specific percentile thresholds within the index.