Mondelez International, Inc. 8-K 2014
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 16, 2014
MONDELĒZ INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Three Parkway North, Deerfield, Illinois 60015
(Address of principal executive offices, including zip code)
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
On July 31, 2014, we announced that Executive Vice President and Chief Category and Marketing Officer, Mary Beth West, would be leaving the company.
On December 16, 2014, one of our wholly-owned subsidiaries, Mondelēz Global LLC (Mondelēz Global), entered into a separation agreement (the Agreement) with Ms. West. The Agreement provides Ms. West with additional benefits greater than what she would otherwise be entitled to receive in connection with the end of her employment with us as consideration for her agreement to comply with certain restrictive covenants and a release of claims.
The restrictive covenants include the following: (i) she will not, without our prior written approval, work for, or provide services, directly or indirectly, to specified competitors; and (ii) she will not, directly or indirectly, solicit our employees to work for another entity. In addition, Ms. West will maintain the confidentiality of our proprietary information, will not disparage or discredit us or any of our affiliates and will provide a general release of any claims arising out of her employment.
Under the Agreement, we will continue to employ Ms. West in a full-time capacity through March 31, 2015. We will employ Ms. West in a part-time capacity beginning April 1, 2015 and continuing through September 30, 2015, her last day of active employment at Mondelēz Global (Last Day Worked) (this time period being the Transition Period). During the Transition Period, Ms. West will be eligible for all applicable benefits in the same manner as similarly situated full-time employees. Ms. West may elect to end her employment with Mondelēz Global prior to the Last Day Worked (Early Termination) by providing written notice to us.
In exchange for entering into the Agreement, Mondelēz Global will provide Ms. West benefits and payments including the following:
The Agreement and all payments thereunder are intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended, and, therefore, some payments may be subject to a six month delay if Ms. West is deemed to be a specified employee.
The forgoing description of the Agreement is qualified in its entirety by reference to the complete terms and conditions of the Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: December 22, 2014