Business Context and Reporting Period
This Form 8-K filing by Constellation Brands, Inc. reports on events occurring on June 28, 2016. The filing specifically addresses Item 5.02 regarding compensatory arrangements for certain officers.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on executive compensation vesting rather than financial performance metrics.
Material Changes
The Human Resources Committee certified the achievement of performance measures for the "Expansion" metric related to Performance Share Unit (PSU) Awards granted between 2013 and 2014. Consequently, specific executive officers have earned the right to receive their target award levels, subject to continuous employment until July 1, 2016.
Guidance, Outlook, and Management Commentary
The filing details the vesting conditions for PSUs. Awards will vest on July 1, 2016, provided the recipients remain in continuous employment. Early vesting may occur in the event of death, disability, or a Change in Control, at the target level.
Executive Compensation Details:
| Name and Position | Shares Expected to be Earned |
|---|---|
| Robert Sands, President and Chief Executive Officer | 26,200 |
| David Klein, Executive Vice President and Chief Financial Officer | 2,950 |
Important Facts for Investors to Verify
- Confirm the actual vesting date of July 1, 2016, and whether the named executives remained employed through that date.
- Verify the total number of shares issued upon vesting against the target levels listed.
- Review the specific definition of "Expansion" used in the award agreements to understand the performance criteria met.
- Check for any subsequent filings regarding changes in control or executive departures that might alter vesting conditions.