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Published: 2021-01-29 16:40:13 ET
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Title of each class
Trading symbol

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report: January 26, 2021

(Date of earliest event reported)

 

 

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

New York   001-02360   13-0871985
(State of incorporation)   (Commission File Number)   (IRS Employer Identification No.)

 

One New Orchard Road

   
Armonk, New York   10504
(Address of principal executive offices)   (Zip Code)

 

914-499-1900

(Registrants telephone number)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading symbol   Name of each exchange
on which registered
Capital stock, par value $.20 per share   IBM   New York Stock Exchange
        Chicago Stock Exchange
0.500% Notes due 2021   IBM 21B   New York Stock Exchange
2.625% Notes due 2022   IBM 22A   New York Stock Exchange
1.250% Notes due 2023   IBM 23A   New York Stock Exchange
0.375% Notes due 2023   IBM 23B   New York Stock Exchange
1.125% Notes due 2024   IBM 24A   New York Stock Exchange
2.875% Notes due 2025   IBM 25A   New York Stock Exchange
0.950% Notes due 2025   IBM 25B   New York Stock Exchange
0.875% Notes due 2025   IBM 25C   New York Stock Exchange
0.300% Notes due 2026   IBM 26B   New York Stock Exchange
1.250% Notes due 2027   IBM 27B   New York Stock Exchange
0.300% Notes due 2028   IBM 28B   New York Stock Exchange
1.750% Notes due 2028   IBM 28A   New York Stock Exchange
1.500% Notes due 2029   IBM 29   New York Stock Exchange
1.750% Notes due 2031   IBM 31   New York Stock Exchange
0.650% Notes due 2032   IBM 32   New York Stock Exchange
1.200% Notes due 2040   IBM 40   New York Stock Exchange
7.00% Debentures due 2025   IBM 25   New York Stock Exchange
6.22% Debentures due 2027   IBM 27   New York Stock Exchange
6.50% Debentures due 2028   IBM 28   New York Stock Exchange
7.00% Debentures due 2045   IBM 45   New York Stock Exchange
7.125% Debentures due 2096   IBM 96   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

Item 5.02(e) (Compensatory Arrangements of Certain Officers)

 

The following are compensation arrangements for Arvind Krishna, the Company’s Chairman and Chief Executive Officer and the Company’s named executive officers identified in the 2020 Proxy Statement. Further information regarding the structure of compensation programs and awards will be included in the Company’s 2021 Proxy Statement.  

 

       2021 Cash   2021 Long-Term Incentive
Award*
 
   2020 Annual
Incentive
Payout
   Salary Rate   Annual
Incentive
Target
   Performance
Share Units
   Restricted
Stock Units
 
A. Krishna**  $2,181,000   $1,500,000   $3,000,000   $8,937,500   $4,812,500 
V. M. Rometty***  $4,250,000    --    --    --    -- 
J. J. Kavanaugh  $1,176,300   $968,000   $1,307,000   $5,362,500   $2,887,500 
M. J. Schroeter****  $358,133    N/A    N/A    N/A    N/A 
J. E. Kelly III***  $820,400    --    --    --    -- 
M. H. Browdy  $1,109,520   $894,000   $1,206,000   $3,087,500   $1,662,500 

 

 

 

* The Long-Term Incentive Awards will be granted on June 8, 2021. The actual number of units granted on this date will be based on the average of IBM’s closing stock price for the 30 active trading days prior to the grant date. The performance share units will be paid out in February 2024. The restricted stock units will vest 25% per year on each anniversary of the date of grant. Additional information about equity grants is provided in the Company’s Proxy Statement.

** As previously disclosed by the Company, Mr. Krishna was elected Chief Executive Officer of the Company, effective April 6, 2020 and Chairman of the IBM Board of Directors, effective January 1, 2021.

*** As previously disclosed by the Company, Mrs. Rometty and Dr. Kelly retired on December 31, 2020.

****As previously disclosed by the Company, Mr. Schroeter retired on June 30, 2020. In January 2021, he rejoined the Company in a non-Executive Officer role as Chief Executive Officer of the independent company that will be created following the separation of the Company's Managed Infrastructure Services business.

 

 

IBM’s web site (www.ibm.com) contains a significant amount of information about IBM, including financial and other information for investors (www.ibm.com/investor/). IBM encourages investors to visit its various web sites from time to time, as information is updated and new information is posted.

 

 

 

 

 

SIGNATURE

 

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 29, 2021

 
     
  By: /s/ Frank Sedlarcik
    Frank Sedlarcik 
    Vice President, Assistant General Counsel and Secretary