Every now and then, I come across a disclosure that strikes me as being pretty unique, which, given how long I’ve been reading SEC filings, is definitely worth paying attention to.
That was the case when I read this 8-K filed by Church & Dwight (ticker: CHD) last Friday evening just after 4:30 pm. In a nutshell, the company decided to take away $200,000 in-the-money options from one of its executives because that executive failed to cooperate in an unidentified legal matter.
The filing identified the executive as Chief Marketing Officer and President of its Consumer Domestic division Barry A. Bruno and said that Bruno “failed to fully comply with respect to text messages on his personal mobile device” and that after recovering “a significant number of the deleted communications that were within the scope of the Company’s instructions” decided to penalize Bruno by making him forfeit the $200K award.
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