Aon PLC (AON) filed a Form 8K - Changes in Company Executive Management - with the U.S Securities and Exchange Commission on April 25, 2017.
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On April 25, 2017, Aon plc ("Aon" or the "Company") entered into a transition and separation agreement with Kristi Savacool, Chief Executive Officer of Aon Hewitt, with respect to Ms. Savacool's separation from service with the Company with effect as of December 31, 2017.
The agreement provides that she will serve as Special Advisor to the Company's Chief Executive Officer and oversee the successful separation of our benefits administration and HR business process outsourcing platform. Ms. Savacool will continue to receive her current base salary during the transition period. Upon Ms. Savacool's separation on December 31, 2017 and subject to customary conditions, she will receive a cash payment of $3 million and will be eligible for an additional discretionary cash payment of up to $3 million, based on her performance during the transition period. In addition, the Company will provide Ms. Savacool with relocation benefits under the Company's domestic transfer policy, as well as price protection of up to $300,000 for the sale of Ms. Savacool's residence and payment of legal fees up to $25,000. Ms. Savacool will not be eligible to receive any other incentive payments during or with respect to 2017. Ms. Savacool's existing equity awards will continue to be governed by the terms of the applicable plan documents, provided that her award under our Leadership Performance Program for the performance period beginning January 1, 2016 and ending December 31, 2018 (which, if earned, will be paid out in early 2019) will be determined as though Ms. Savacool had continued employment with the Company through the payment date.
The foregoing summary is qualified in its entirety by reference to Ms. Savacool's transition and separation agreement, a copy of which will be filed as an exhibit to the Company's periodic report on Form 10-Q for the quarter ended June 30, 2017.
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The full text of this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/315293/000110465917027912/a17-12020_18k.htm
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Any exhibits and associated documents for this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/315293/000110465917027912/0001104659-17-027912-index.htm
Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.
(END) Dow Jones Newswires
April 28, 2017 16:36 ET (20:36 GMT)