Mondelez International Inc. gave Chairman and CEO Irene Rosenfeld a special stock award this week valued at $10 million in part for “delivering top-tier performance” as chief executive.
Deerfield, Ill-based Mondelez, the global snack business of the former Kraft Foods Inc., designed the award “to both recognize Ms. Rosenfeld's past accomplishments and further incentivize” her, the company said in a filing today with the Securities and Exchange Commission.
Most of the grant — 80 percent — is made up of restricted stock units contingent on the company reaching certain stock price thresholds but will not vest for three years, according to the filing. The remainder of the award is stock that fully vests after three years.
The number of shares and units in the award was based on a stock price of $25.94 a share, which Mondelez said was the average of the high and low price Wednesday, the day of the grant. The stock closed Thursday at $26.07.
Ms. Rosenfeld's total compensation last year was $21.9 million, according to a proxy statement.
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