Altria said Murray R. Garnick, its Executive Vice President and General Counsel, had previously announced his intention to retire effective April 1, 2024. The Compensation & Talent Development Committee of Altria's Board of Directors determined on February 27, 2024 how his retirement-related compensation will be treated.

1. 01

   Altria said Murray R. Garnick, its Executive Vice President and General Counsel, had previously announced his intention to retire effective April 1, 2024. The Compensation & Talent Development Committee of Altria's Board of Directors determined on February 27, 2024 how his retirement-related compensation will be treated.

2. 02

   The company said the Committee approved a pro-rated payment of $244,700 under the 2024 annual incentive award plan, pro-rated to his retirement date. It cited this amount as reflecting his award target of 95% of salary as of April 1 and individual and company performance ratings at target.

3. 03

   Altria said it will also pro-rate cash payments under its 2022-2024 and 2023-2025 LTIPs to his retirement date. Individual performance is rated at target, and company performance uses Altria's actual business performance over each 3-year performance cycle. The target for each LTIP is 140% of each salary achieved over the 3-year performance cycle. The company also said there is no guarantee of any LTIP payment.

4. 04

   Altria said Garnick will forfeit his unvested RSU and PSU awards granted in 2022 and 2023 immediately after his retirement, and the Committee approved pro-rated cash payments in their place. Based on the average closing price of the company's common stock on the NYSE over the 20 trading days before February 28, 2024, the estimated aggregate cash payment for the RSUs is $1,066,279, and the estimated aggregate payment for the PSUs at target business performance is $798,665.

Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.