Reinsurance Group of America Incorporated filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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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 June 23, 2023, a subsidiary (the “Subsidiary”) of Reinsurance Group of America, Incorporated (the “Company”) entered into a letter agreement (the “Letter Agreement”) with Tony Cheng, the Company’s President, pursuant to which the Subsidiary agreed to provide Mr. Cheng with certain tax equalization, relocation and related payments in connection with Mr. Cheng’s relocation from Hong Kong to St. Louis, Missouri (the “Relocation”). As previously disclosed, Mr. Cheng is relocating to St. Louis in connection with the Company’s plan to appoint him as Chief Executive Officer upon the retirement of Anna Manning, the Company’s current Chief Executive Officer, on December 31, 2023.
The Letter Agreement provides that the Subsidiary will make one or more tax equalization payments to Mr. Cheng to eliminate the impact of U.S. taxes, as compared to Hong Kong taxes, with respect to (a) any payments made to Mr. Cheng in relation to his existing employment agreement regarding his employment in Hong Kong (the “Employment Agreement”); (b) portions of payments under the Company’s Annual Bonus Plan for 2023 that accrue before the Relocation and (c) any of the Company’s long-term incentive awards that vest before the Relocation. Descriptions of Mr. Cheng’s awards under the Annual Bonus Plan and his long-term incentive awards were previously reported in Company’s proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 13, 2023 under “Compensation Disclosure and Analysis.”
The Subsidiary will also engage legal, tax and other service providers to assist Mr. Cheng with immigration, relocation and tax preparation and filing, and will reimburse certain expenses related to the Relocation. Mr. Cheng will receive a cash payment for vacation time accrued prior to the Relocation. Additionally, upon Relocation, the Employment Agreement will terminate.
The foregoing description of the Letter Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Letter Agreement, a copy of which is filed as Exhibit 10.1 to this report and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| 10.1 | Letter Agreement, dated June 23, 2023, between RGA Enterprise Services Company and Tony Cheng. | |
| EX-104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
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.
| REINSURANCE GROUP OF AMERICA, INCORPORATED | ||||||
| Date: June 23, 2023 | By: | /s/ Todd C. Larson | ||||
| Todd C. Larson | ||||||
| Senior Executive Vice President and Chief Financial Officer | ||||||