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 January 19, 2017, Aon plc (“Aon” or the “Company”) arrived at an agreement with Stephen P. McGill, Group President — Aon plc, Chairman and Chief Executive Officer — Risk Solutions, with respect to Mr. McGill’s separation of service from the Company with effect as of January 31, 2017.
In connection with such agreement, Aon entered into a separation agreement with Mr. McGill that provides, in part, that upon Mr. McGill’s execution of a general release of claims and compliance with applicable restrictive covenants, he will be eligible to receive cash separation payments of $7.5 million in each of 2017, 2018 and 2019 in full satisfaction of all amounts otherwise due to Mr. McGill under his employment agreement and in connection with his outstanding equity awards (other than an award of performance share units for the performance period ended December 31, 2016, which will be earned or forfeited in the ordinary course).
The foregoing summary is qualified in its entirety by reference to Mr. McGill’s 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 March 31, 2017.
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