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CSC > SEC Filings for CSC > Form 8-K on 30-Jun-2014All Recent SEC Filings

Show all filings for COMPUTER SCIENCES CORP



Change in Directors or Principal Officers

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

On June 24, 2014, the Compensation Committee (the "Committee") of the Board approved the grant of a special, off-cycle performance based restricted stock unit award (the "2015 PSUs") under the Computer Sciences Corporation 2011 Omnibus Incentive Plan to the Chief Executive Officer, Mr. J. Michael Lawrie.

In accordance with our Equity Grant Policy, the grant date for the award will be July 15, 2014. The number of 2015 PSUs granted will be determined by dividing the grant value, $2,500,000, by the average closing price of our common stock during the 30-day period ending on the grant date, rounded to the nearest whole unit.

Up to 100% of the 2015 PSUs will vest and be converted into shares of our common stock on the first anniversary of the grant date, subject to Mr. Lawrie's continued employment and the achievement of certain performance goals relating to our corporate Operating Income for Fiscal 2015 as well as certain governance and organizational-related goals ("Performance Targets") as set by the Committee. The Committee will determine the number of 2015 PSUs eligible to vest based on achievement of the Performance Targets.

Vesting of the award may accelerate in the event of Mr. Lawrie's involuntary termination without cause or termination for good reason, a change in control of the Company or Mr. Lawrie's death or disability prior to the scheduled vesting date. Dividend equivalents will be paid only with respect to the portion of the award, if any, that ultimately vests.

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