UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Emerging growth company
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Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On June 21, 2021, the Compensation and Management Development Committee of Parsons Corporation unanimously approved changes to the annual compensation for Carey A. Smith, the incoming Chief Executive Officer, and Charles L. Harrington, the retiring Chief Executive Officer and incoming Executive Chair of the Parsons Corporation Board of Directors. Effective July 1, 2021, Ms. Smith’s base salary is increased to $900,000 and her bonus/short-term incentive is increased to 125% of her base salary. In addition, her long-term incentive (LTI) opportunity is increased to a total intended target value at grant of $4 million, with 60% of the LTI in the form of performance stock units with three-year cliff vesting and 40% of the LTI in the form of restricted stock units with annual ratable vesting over a three-year period. Effective July 1, 2021, Mr. Harrington’s annual base salary is reduced to $800,000. Mr. Harrington’s previously approved bonus/short-term incentive opportunity and his previously granted LTI shall remain unchanged.
The information disclosed pursuant to Item 5.02 of this Current Report on Form 8-K shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, of the Securities Exchange Act of 1934, as amended.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Parsons Corporation |
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Date: June 24, 2021 |
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By: |
/s/ Michael R. Kolloway |
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Michael R. Kolloway |
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Chief Legal Officer |
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