KDP NEO Fernando Cortes departs; separation agreement provides $5.12M in cash payments

Keurig Dr Pepper Inc.

Fernando Cortes, named executive officer, separated from KDP effective Sep 24, 2021 under separation agreement.
Severance benefits of $1,620,000 (1.5x base salary + target bonus) paid in installments.
Leadership Integration Bonus of $3,500,000 lump sum paid within 30 business days.
Eligible for pro-rata FY 2021 annual incentive under Short Term Incentive Program.
Agreement includes 2-year non-compete, non-solicit, and release of claims.

item 5.02 item 9.01

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Departed

Fernando Cortes

named executive officer

KDP · Keurig Dr Pepper Inc.

Effective: 2021-09-24
Filed: September 24, 2021, 7:59 PM ET

On August 30, 2021, Keurig Dr Pepper Inc. (the “Company”) announced the departure of Fernando Cortes, a named executive officer in the Company’s 2021 Proxy Statement.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Fernando Cortes departed as named executive officer at Keurig Dr Pepper Inc..

Action: departed
Role: named executive officer

Exact text from the filing

On August 30, 2021, Keurig Dr Pepper Inc. (the “Company”) announced the departure of Fernando Cortes, a named executive officer in the Company’s 2021 Proxy Statement.

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Keurig Dr Pepper Inc. filing history →

Source: SEC EDGAR

accession 0001418135-21-000024

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