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DFS > SEC Filings for DFS > Form 8-K on 26-Dec-2013All Recent SEC Filings




Change in Directors or Principal Officers, Financial Statements and E

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 23, 2013, the Compensation and Leadership Development Committee of the Board of Directors of Discover Financial Services (the "Company") approved a special retention grant of 200,000 restricted stock units to David Nelms, the Company's Chairman and Chief Executive Officer, under the Company's Amended and Restated 2007 Omnibus Incentive Plan. The grant is designed to promote retention and support continued progress on the Company's long-term strategy over a five-year vesting period. The restricted stock units, subject to certain forfeiture conditions and acceleration provisions, vest in full on December 31, 2018 and do not vest upon retirement prior to this date. Unless otherwise provided in the award certificate, the restricted stock units may become fully vested before this date due to death, disability, a change in control of the Company, or termination of employment by the Company that is not for cause. This summary is qualified in its entirety by reference to the full text of the award certificate, which is attached hereto as Exhibit 10.1 and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

  No.                                     Description

10.1         Form of 2013 Special Award Certificate for Restricted Stock Units
             Under Discover Financial Services Amended and Restated 2007 Omnibus
             Incentive Plan

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