secwatch.observer — SEC 8-K summary
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Issuer:     WILLIS TOWERS WATSON PLC (WTW)
CIK:        0001140536
Form:       8-K
Filed at:   2022-02-28T23:59:59+00:00
Accession:  0001193125-22-058337
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Willis Towers Watson revamps 2022 incentive plans and CEO Carl Hess's severance
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- 2022 STI program: 66.7% enterprise financial (adjusted net revenue & adjusted operating income), 33.3% individual; payout 50%-200% of target.
- 2022 LTI program: 75% performance-based PSUs (50% adj. operating margin, 30% adj. net revenue, 20% adj. EPS) and 25% time-based RSUs.
- Severance amendments for CEO Hess: on involuntary termination (non-CIC), 2x base salary + target STI, paid monthly over 24 months.
- On CIC qualifying termination, Hess gets lump sum of 36 months base salary + 3x target STI + pro rata annual STI.
- Former CEO John Haley to receive additional $202,410 from 2021 STI award due to actual results exceeding forecast.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1140536/000119312522058337/0001193125-22-058337-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1140536/000119312522058337/d452103d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-058337

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer