Aon plc (NYSE:AON) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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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