secwatch.observer — SEC 8-K summary
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Issuer:     Philip Morris International Inc. (PM)
CIK:        0001413329
Form:       8-K
Filed at:   2021-08-20T23:59:59+00:00
Accession:  0001413329-21-000070
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Martin G. King to retire as CEO PMI America; separation agreement provides CHF 1.27M severance + non-compete payment
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- Martin G. King retires effective Aug 31, 2021; receives severance of CHF 1,267,506 (~$1.387M).
- 2021 incentive compensation prorated through termination date, paid Feb 2022 based on company/individual performance.
- All outstanding RSUs fully vest on termination date; PSUs vest on original schedule subject to performance.
- Non-compete payment of CHF 1,267,506 paid in two installments (Sept 2022 and Sept 2023) with compliance confirmation.
- King also receives CHF 35,000 outplacement lump sum and relocation support within one year.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1413329/000141332921000070/0001413329-21-000070-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1413329/000141332921000070/pm-20210816.htm
  HTML page:      https://secwatch.observer/filing/0001413329-21-000070

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