Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers As previously disclosed onDecember 8, 2020 ,Lucia Veiga Moretti , Senior Vice President and a named executive officer, andAllegion plc (the "Company") have mutually agreed thatMs. Moretti will leave the Company effectiveMarch 31, 2021 . In connection withMs. Moretti's departure from the Company and in accordance with local law requirements, onDecember 31, 2020 ,Ms. Moretti andCisa S.p.A . ("Cisa"), a subsidiary of the Company, entered into a separation agreement (the "Agreement") including the following terms, as approved by the Compensation Committee of the Board: •Ms. Moretti will receive a one-time consideration ofEUR 2,346,000 deriving from the termination of the employment relationship; •Ms. Moretti's restricted stock units, performance stock units and stock options will vest in accordance with the applicable terms and conditions of her respective award agreements, the terms of which have been previously disclosed; •Ms. Moretti's annual incentive plan ("AIP") bonus for 2020 will be paid in accordance with the terms and conditions of the AIP document, the terms of which have been previously disclosed; •Ms. Moretti will receive a one-time payment ofEUR 10,000 in consideration of the mutual waiver of any claims between the parties; and •Ms. Moretti will receive tax assistance service provided by a tax services firm for the tax years 2020-2023 in relation to any payments made by Cisa.
The foregoing description is qualified by reference to the full text of the Agreement which is filed as Exhibit 10.1 attached hereto and is incorporated by reference in its entirety into this Item 5.02.
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Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 10.1 Separation Agreement datedDecember 31, 2020 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)
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