AI English summary of an SEC filing — figures as filed
Sysco SYYThe company said the Compensation and Leadership Development Committee on February 26, 2025 approved a one-time award of performance share units (PSUs) valued at $1.5 million for Thomas R. Peck, Jr., Executive Vice President, Chief Information and Digital Officer.
Key points
AI summaryThe company said the Compensation and Leadership Development Committee on February 26, 2025 approved a one-time award of performance share units (PSUs) valued at $1.5 million for Thomas R. Peck, Jr., Executive Vice President, Chief Information and Digital Officer.
Sysco said the PSUs are intended to focus Mr. Peck on the successful implementation of a significant, multi-year technology initiative and to enhance his retention during this critical period. It said the company is currently implementing a long-term technological transformation strategy over the next 3 years.
The company said the final number of shares to be earned will be determined at the end of the 3-year performance period and will be 0% of the target number of PSUs if one or more metrics is not met, or 100% if all metrics are met. It added that dividend equivalents accrue during the performance period.
Sysco said all PSUs will be forfeited upon retirement, involuntary termination, or resignation. Upon death, the PSUs will vest pro rata based on months served in the performance period and performance at the target level, and upon disability, pro rata based on months served and actual performance at the end of the performance period. All PSUs will vest immediately upon termination without cause following a change in control, with payout based on target-level performance.
Summary
AI-writtenAnalysis 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.
One-Time $1.5 million PSU Award for Sysco Executive
The company said the Compensation and Leadership Development Committee on February 26, 2025 approved a one-time award of performance share units (PSUs) valued at $1.5 million for Thomas R. Peck, Jr., Executive Vice President, Chief Information and Digital Officer.
Source · Based on the filing body and exhibits
Focus on multi-year technology initiative and retention
Sysco said the PSUs are intended to focus Mr. Peck on the successful implementation of a significant, multi-year technology initiative and to enhance his retention during this critical period. It said the company is currently implementing a long-term technological transformation strategy over the next 3 years.
Source · Based on the filing body and exhibits
3-Year Performance Period with 0% or 100% Payout Structure
The company said the final number of shares to be earned will be determined at the end of the 3-year performance period and will be 0% of the target number of PSUs if one or more metrics is not met, or 100% if all metrics are met. It added that dividend equivalents accrue during the performance period.
Source · Based on the filing body and exhibits
PSU Treatment Terms by Reason for Employment Termination
Sysco said all PSUs will be forfeited upon retirement, involuntary termination, or resignation. Upon death, the PSUs will vest pro rata based on months served in the performance period and performance at the target level, and upon disability, pro rata based on months served and actual performance at the end of the performance period. All PSUs will vest immediately upon termination without cause following a change in control, with payout based on target-level performance.
Source · Based on the filing body and exhibits
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.
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