Short answer
Deere & Company (DE) filed an 8-K current report with the SEC on March 16, 2026 reporting Item 5.02 (Departure/Election of Directors or Officers). CEO John May receives $25M target PSU grant; CFO Campbell and COO Kovar each receive $5M: one-time awards under 2020 Equity Plan.
Deere & Company 8-K event analysis
AI summary of each reported item and its exhibits
Item 5.02 · Departure/Election of Directors or Officers
- CEO John May receives $25M target PSU grant; CFO Campbell and COO Kovar each receive $5M: one-time awards under 2020 Equity Plan
- Payout range: 0% (below 90% of SVA target) to 175% (≥125% of SVA target) over a 5-year performance period ending Oct 27, 2030
- Metric is SVA (operating profit minus cost of capital) for equipment operations segments, with variable annual targets scaled to % of mid-cycle net sales: rewards through-cycle discipline
- Full forfeiture if departure occurs within first 3 years; pro-rated vesting allowed after 3 years for retirement, termination without cause, or death/disability
- Change-of-control protection: qualifying termination within 24 months triggers full service vesting with performance-based payout; standard but meaningful retention backstop
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