UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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 January 10, 2024, the Board of Directors of Prudential Financial, Inc. (the “Company”) adopted certain modifications to the terms and conditions of the performance shares granted in 2021, 2022 and 2023 pursuant to the Company’s 2021, 2022 and 2023 Long-Term Incentive Programs (the “Modified Awards”). The modifications are intended to mitigate the impact of interest rate volatility on the Company’s performance against goals relating to growth in adjusted book value per share (“BVPS”). Thus, the modifications, among other things: (1) revise the definition of adjusted BVPS to exclude the negative or positive impacts of outsized interest rate changes on interest rate sensitive items and (2) reduce certain BVPS growth goals and maximum payout opportunities.
The foregoing is a summary only and does not purport to be a complete description of all the terms and conditions of the Modified Awards, and is subject to and qualified in its entirety by reference to the full text of the forms of terms and conditions, which are attached hereto as Exhibits 10.1, 10.2 and 10.3 and incorporated by reference herein.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
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 hereunto duly authorized.
Date: January 12, 2024
| PRUDENTIAL FINANCIAL, INC. | ||||
| By: | /s/ Brian P. Spitser | |||
| Name: | Brian P. Spitser | |||
| Title: | Vice President and Assistant Secretary | |||