Jacobs Engineering Group Inc. (NYSE:JEC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On September27, 2017, the Board of Directors (the “Board”) of Jacobs Engineering Group Inc. (the “Company”) approved the Jacobs Engineering Group Inc. Executive Deferral Plan (the “EDP”) for the benefit of certain members of management and highly compensated employees of the Company and its subsidiaries selected by the Board or a committee of the Board (the “Committee”). The EDP is effective on January1, 2018 and replaces the Company’s 2005 Executive Deferral Plan (the “2005 Deferral Plan”) with respect to compensation deferred under the plan that in the absence of a deferral election otherwise would be received by the participant on or after January1, 2018, including, for the avoidance of doubt, equity awards granted after the date of adoption of the EDP but prior to January1, 2018. The 2005 Deferral Plan will continue to govern compensation deferred after December31, 2004 and before January1, 2018. The material terms of the EDP are consistent with those of the 2005 Deferral Plan except that the EDP (i)does not apply to non-employee directors of the Company, (ii)permits participants to defer receipt of payments to equity awards and (iii)permits employer contributions.
Under the terms of the EDP, a participant may elect, in accordance with Section409A of the Internal Revenue Code, to defer receipt of a fixed percentage of his or her base salary, annual bonus, and stock or cash payments made to an equity award granted to the participant under the Company’s 1999 Stock Incentive Plan (or another Company-sponsored equity plan) (“Equity Pay”). Amounts deferred are withheld at the time the cash or stock otherwise would have been provided to the participant. The Company or its subsidiaries may elect to make an employer contribution in any year to a participant’s account in an amount and subject to conditions as determined in their sole discretion.
Amounts deferred by a participant are payable to the participant (or his or her designated beneficiary, if applicable) in a lump sum or in up to fifteen annual installments, as elected by the participant with respect to each deferral, upon the participant’s retirement or death while employed by the Company or a subsidiary of the Company. If permitted by the Committee, a participant may select a specified date to receive any deferral in a lump sum. A participant’s entire account is payable in a lump sum if the participant experiences a separation from service as defined in Section409A of the Internal Revenue Code prior to his or her death or retirement. A participant’s account may also be payable in a lump sum upon termination of the EDP, to the extent consistent with Section409A of the Internal Revenue Code. Payment dates may be deferred if needed to avoid the loss of a Company tax deduction under Section162(m) of the Internal Revenue Code.
On September27, 2017, the Board also approved the Jacobs Engineering Group Inc. Directors Deferral Plan (the “DDP”) for the benefit of non-employee outside directors of the Company. The DDP is effective as of January1, 2018 and replaces the 2005 Deferral Plan with respect to any benefits provided therein to directors. The DDP permits participants to defer director fees and receipt of payments to equity awards. The other material terms of the DDP are consistent with those of the EDP, except that (i)the DDP does not permit contributions by the Company to directors’ accounts and (ii)the DDP permits participants to elect additional forms of, and times for, payment, subject to approval by the Committee.
The foregoing summaries of the EDP and the DDP are qualified in their entirety by reference to the EDP and the DDP, which are attached hereto as Exhibits 10.1 and 10.2, respectively, and incorporated herein by reference.
| Item 5.02 | Financial Statements and Exhibits. |
| † | Management contract or compensatory plan or arrangement |
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JACOBS ENGINEERING GROUP INC /DE/ ExhibitEX-10.1 2 d458763dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 Executive Deferral Plan Plan Document Effective January 1,…To view the full exhibit click here
About Jacobs Engineering Group Inc. (NYSE:JEC)
Jacobs Engineering Group Inc. is a technical professional services company. The Company provides a range of technical, professional and construction services to industrial, commercial and governmental clients. The Company’s services include Project Services; Process, Scientific, and Systems Consulting Services; Construction Services, and Operations and Maintenance Services. It operates four lines of business (LOBs): Petroleum and Chemicals; Buildings and Infrastructure; Aerospace and Technology, and Industrial. It caters its services to various sectors, such as oil and gas exploration, production and refining; chemicals and polymers; programs for various national governments, including aerospace, defense, and environmental programs; buildings; infrastructure and telecommunications; mining and minerals; pharmaceuticals and biotechnology; power; pulp and paper; technology and manufacturing, and food and consumer products.