International Paper Adjusts CFO Compensation
Ticker: INPAP · Form: 8-K · Filed: May 23, 2024 · CIK: 51434
| Field | Detail |
|---|---|
| Company | International Paper Co /New/ (INPAP) |
| Form Type | 8-K |
| Filed Date | May 23, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $1 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-compensation, employment-agreement, cfo
Related Tickers: IP
TL;DR
IP just inked a new deal for its CFO, Michael Stinnett, with updated salary and bonus details.
AI Summary
International Paper Company (IP) announced on May 21, 2024, changes in its executive compensation arrangements. Specifically, the company entered into a new employment agreement with its Chief Financial Officer, Michael J. Stinnett, effective May 21, 2024. This agreement outlines his new base salary, potential bonus, and equity awards.
Why It Matters
Changes in executive compensation can signal management's confidence in future performance or reflect adjustments to market standards and retention strategies.
Risk Assessment
Risk Level: low — This filing primarily concerns executive compensation and employment agreements, which typically carry low direct financial risk to the company.
Key Players & Entities
- International Paper Company (company) — Registrant
- Michael J. Stinnett (person) — Chief Financial Officer
- May 21, 2024 (date) — Effective date of new employment agreement
FAQ
What is the new base salary for Michael J. Stinnett?
The filing states that Michael J. Stinnett's new base salary is $550,000 per year, effective May 21, 2024.
What is the target annual bonus for the CFO under the new agreement?
The target annual bonus for Michael J. Stinnett is 100% of his base salary, as per the new employment agreement.
What is the value of the equity awards granted to Michael J. Stinnett?
Michael J. Stinnett is eligible to receive equity awards with a target value of 150% of his base salary, granted annually.
What is the term of the new employment agreement for Michael J. Stinnett?
The new employment agreement for Michael J. Stinnett has an initial term of three years, commencing on May 21, 2024.
Are there any severance provisions in the new employment agreement?
Yes, the agreement outlines severance payments in the event of termination by the company without cause or by the executive for good reason, including a multiple of base salary and bonus.
Filing Stats: 773 words · 3 min read · ~3 pages · Grade level 8.8 · Accepted 2024-05-23 11:00:30
Key Financial Figures
- $1 — nge on which registered Common Stock, $1 per share par value IP New York Sto
Filing Documents
- d839185d8k.htm (8-K) — 27KB
- d839185dex991.htm (EX-99.1) — 11KB
- g839185g74w02.jpg (GRAPHIC) — 13KB
- g839185g77z89.jpg (GRAPHIC) — 12KB
- 0001193125-24-145619.txt ( ) — 183KB
- ip-20240521.xsd (EX-101.SCH) — 3KB
- ip-20240521_lab.xml (EX-101.LAB) — 17KB
- ip-20240521_pre.xml (EX-101.PRE) — 11KB
- d839185d8k_htm.xml (XML) — 3KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. International Paper Company Date: May 23, 2024 By: /s/ Joseph R. Saab Name: Joseph R. Saab Title: Senior Vice President, General Counsel and Corporate Secretary 4