8-K/ALeadership Changes

Walmart Inc. 8-K/A Report, Executive Changes (Jan 27, 2017)

Filed January 27, 2017For Securities:WMT

Summary

This 8-K/A filing from Walmart Inc. serves as an amendment to a previous report, detailing the compensation package for John Furner upon his appointment as Executive Vice President, President and Chief Executive Officer of the Sam's Club segment, effective February 1, 2017. The amendment clarifies the specific salary, incentive plans, and equity awards granted to Mr. Furner for the fiscal year ending January 31, 2018. Investors should note the details of Mr. Furner's financial incentives, which include a base salary of $780,000, a target annual cash incentive of 180% of his base salary (with a maximum of 225%), and significant equity awards. These equity awards consist of restricted stock and performance-based restricted stock units, with vesting tied to continued employment and the achievement of specific performance goals, indicating a strong alignment between executive compensation and company performance.

Key Highlights

  • 1Amendment to a previous 8-K filing providing details on John Furner's compensation.
  • 2John Furner appointed EVP, President & CEO of Sam's Club segment effective February 1, 2017.
  • 3Fiscal 2018 base salary for Mr. Furner set at $780,000, subject to annual adjustment.
  • 4Eligible for an annual cash incentive under the Management Incentive Plan, with a target of 180% and a maximum of 225% of base salary.
  • 5Received an annual equity award consisting of 22,506 restricted shares vesting in approximately three years.
  • 6Received 76,519 performance-based restricted stock units with vesting tied to performance goals and employment until January 31, 2020.
  • 7Received an additional 70,945 performance-based restricted stock units tied to performance goals and employment until January 31, 2018.

Frequently Asked Questions

This filing is an amendment to a previous 8-K report. Its main purpose is to provide specific details about the compensation package for John Furner in his new role as Executive Vice President, President and Chief Executive Officer of Walmart's Sam's Club segment.

For the fiscal year ending January 31, 2018, John Furner's base salary is set at $780,000, which is subject to annual adjustment.

Mr. Furner is eligible for an annual cash incentive under the Management Incentive Plan. His target payout is 180% of his base salary, with a maximum possible payout of 225% of his base salary, contingent on performance criteria.

Mr. Furner has received a combination of equity awards: 22,506 restricted shares that will vest in approximately three years, 76,519 performance-based restricted stock units that vest on January 31, 2020, and an additional 70,945 performance-based restricted stock units that vest on January 31, 2018. All equity awards are contingent on continued employment and, for the performance-based units, the achievement of specific performance goals.