Compensation letter for Maria Black, dated December 2021
Contract Categories:
Human Resources
- Compensation Agreements
EX-10.2 3 exhibit102q2fy22.htm EXHIBIT 10.2 Document
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‘December 2021
Dear Maria,
Congratulations on your promotion as President, ADP. A personalized compensation statement with your current and new FY'22 compensation package is provided on the following page.
In our pay for performance environment, ADP aims to recognize and reward the contributions of associates based on individual and business results. Remember, the pay components on this statement are only a portion of your overall competitive and comprehensive total rewards package with ADP which also includes your benefits, vacation, holidays and much more.
I encourage you to take some time to review this statement and let me know if you have any questions. You can also reach out to Zafer Datoo at [telephone number] with any specific questions on the compensation programs. Again, I want to thank you for your contributions to the success of ADP.
Sincerely,
Carlos
‘Maria Black
A Look at Your Current Compensation
Fiscal Year | Fiscal Year | ||||||||||
2022 (Current) | 2022 (New) | ||||||||||
Grade | O3 | O3 | |||||||||
(1) | Base Salary (1) | $618,000 | $800,000 | ||||||||
(2) | Target Bonus (2) | ||||||||||
% of Salary | 100% | 150% | |||||||||
$ Amount | $618,000 | $1,200,000 | |||||||||
(3) | Total Cash Compensation (1) + (2) | $1,236,000 | $2,000,000 | ||||||||
(4) | Performance Stock Units (3) | $2,380,000 | $3,980,000 | ||||||||
(5) | Stock Options (3) | $1,020,000 | $1,020,000 | ||||||||
(6) | Total Equity Grant Value (4) + (5) | $3,400,000 | $5,000,000 | ||||||||
(7) | Total Direct Compensation (3) + (6) | $4,636,000 | $7,000,000 | ||||||||
% Increase | 51% | ||||||||||
(1) New FY’22 salary is effective January 1, 2022.
(2) New FY’22 bonus target is effective January 1, 2022 and FY’22 bonus target will be prorated for 6 months at 100% and 6 months at 150%.
(3) The current FY’22 PSUs and stock options reflect annual equity awards granted on September 1, 2021. The new FY’22 equity grant value reflects an incremental PSU award of $1,600,000 to be granted on January 1, 2022 and will have the same terms as the PSUs granted on September 1, 2021.
