Cigna Corporation (NYSE:CI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 19, 2017, Cigna Corporation (the "Company") filed a Form 8-K disclosing the retirement of Matthew G. Manders, President, Government & Individual Programs and Group Insurance. Mr. Manders will retire effective November 3, 2017.
On October 16, 2017, the Company and Mr. Manders executed an Agreement and Release in connection with his retirement (the "Agreement and Release"). The Agreement and Release includes customary confidentiality, non-solicitation, non-competition, non-disparagement and release provisions. In addition, the agreement provides for benefits consisting of: (1)the payment of Mr. Manders' annual cash incentive for his service in 2017 at 50% of his annual target, subject to the Company's attainment of pre-established performance goals; and (2) payout of previously awarded Strategic Performance Shares ("SPSs")for the 2015–2017, 2016–2018 and 2017–2019 performance periods, prorated based on the number of months that Mr. Manders would have been employed during each 36-month performance period as if his employment continued through December 31, 2017. The Agreement and Release confirms that, to the Cigna Long-Term Incentive Plan (the "LTIP") and the terms of the original grants, Mr. Manders' stock options will vest upon his retirement. The estimated aggregate value of these benefits is approximately $7.3 million, based on a stock price of $187.20 per share, the closing price of Cigna's common stock on October 17, 2017. The percentage of actual shares earned and timing of the payment of the SPS awards will be determined by the People Resources Committee of the Board of Directors in accordance with the terms of the LTIP. Stock options awarded under the LTIP will expire at their original term.
A copy of the Agreement and Release is attached to this Form 8-K as Exhibit 10.1 and incorporated by reference herein.The description of the Agreement and Release contained in this Form 8-K is qualified in its entirety by reference to the attached document.
Item 7.01Regulation FD Disclosure.
Brian Evanko, who has served as the leader of Cigna's individual and family plans, Medicare supplement and enterprise voluntary businesses since August 2013, will join Cigna's enterprise leadership team as President, Government Business, which includes Cigna-HealthSpring, U.S. Individual and Medicare supplement business. His appointment is effective November 6, 2017. Mr. Evanko joined Cigna in 1998 and held finance leadership roles for Cigna's Global Supplemental Benefits business, including as Business Financial Officer from September 2012 through August 2013.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits.
CIGNA CORP ExhibitEX-10.1 2 ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 AGREEMENT AND RELEASE This Agreement and Release (Agreement) is dated October 9,…To view the full exhibit click here
About Cigna Corporation (NYSE:CI)
Cigna Corporation (Cigna), together with its subsidiaries, is a health services company. The Company offers medical, dental, disability, life and accident insurance and related products and services. The Company’s segments include Global Health Care, Global Supplemental Benefits, Group Disability and Life, Other Operations and Corporate. The Global Health Care segment aggregates the commercial and Government operating segments. The Global Supplemental Benefits segment offers supplemental health, life and accident insurance products primarily in Asia, Europe and the United States. The Company’s Global Supplemental Benefits segment offers supplemental health, life and accident insurance products primarily in Asia, Europe and the United States. Its products are offered through employers and other groups, such as Governmental and non-Governmental organizations, unions and associations. Cigna also offers commercial health and dental insurance, and Medicare and Medicaid products and health.
