8-K/ALeadership ChangesExhibits & Filings

Walmart Inc. 8-K/A Report, Executive Changes (Apr 4, 2018)

Filed April 4, 2018For Securities:WMT

Summary

This 8-K/A filing from Walmart Inc. amends a previous report to detail the transition and retirement agreement for David Cheesewright, former Executive Vice President, President, and CEO of the International segment. The agreement formalizes Mr. Cheesewright's continued employment on a part-time basis from April 1, 2018, through January 31, 2019, with his retirement officially set for January 31, 2019. This structure is designed to ensure a smooth handover and leverage Mr. Cheesewright's experience during the transition period. Investors should note the specific compensation and benefits Mr. Cheesewright will receive during this phase and post-retirement. While his base salary remains substantial, he will not be eligible for annual cash incentives or long-term equity payouts for the upcoming fiscal year. The retirement package includes a significant lump sum payment, accelerated vesting of equity, and continued health benefits, alongside non-compete and non-solicitation clauses to protect the company's interests.

Key Highlights

  • 1Formalized transition plan for David Cheesewright, EVP, President & CEO of International, ending January 31, 2019.
  • 2Mr. Cheesewright to work part-time from April 1, 2018, to January 31, 2019.
  • 3Annualized base salary during part-time employment: CAD 1,023,807.
  • 4Not eligible for fiscal 2019 annual cash incentives or long-term equity payouts.
  • 5Post-retirement benefits include CAD 5,555,653 paid over one year.
  • 6Acceleration of unvested restricted stock units upon retirement.
  • 7Includes a one-year post-retirement non-compete and non-solicitation agreement.

Frequently Asked Questions

This filing amends a previous report to provide details on the Transition and Retirement Agreement between Walmart Inc. and David Cheesewright, detailing his continued employment terms and retirement benefits.

During his part-time transition period, Mr. Cheesewright will receive an annualized base salary of CAD 1,023,807 but will not be eligible for annual cash incentives or long-term equity payouts for fiscal year 2019.

Upon his retirement, Mr. Cheesewright will receive payments totaling CAD 5,555,653 over one year, accelerated vesting of his unvested restricted stock units, and continued health and dental coverage for one year post-retirement.

Yes, the agreement includes a one-year prohibition after his retirement date on participating in businesses that compete with Walmart and soliciting the company's associates for employment.