Countrywide Financial Corporation Retention Incentive Payment Summary for Executive Officers (2007)
Countrywide Financial Corporation's Compensation Committee approved cash retention awards for certain executive officers under a new retention program. Executives will receive specified cash payments if they remain employed in good standing through March 15, 2008. The agreement lists the eligible officers and their respective payment amounts. For some officers, these payments are also considered as their 2007 bonus for severance calculations. The agreement is tied to the company's merger with Bank of America and aims to retain key leadership during the transition.
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Exhibit 10.112
Summary Sheet for Award of Retention Incentive Payments
for Certain Executive Officers
In November 2007, the Compensation Committee (the "Committee") of the Board of Directors of Countrywide Financial Corporation (the "Company") approved cash retention awards for certain executive officers of the Company under the Company's recently adopted retention program The following executive officers of the Company will receive a cash retention payment if employed in good standing with the Company on March 15, 2008:
| Name & Principal Position | Retention Incentive Payment(1) | ||
|---|---|---|---|
| Kevin W. Bartlett Executive Managing Director, Chief Investment Officer—Investments and Market Risk Management | $ | 850,000 | |
| Andrew Gissinger III Executive Managing Director, Residential Lending and Insurance | 1,250,000 | ||
| Sandor E. Samuels Executive Managing Director, Chief Legal Officer | 225,000 | ||
| Jack W. Schakett Executive Managing Director, Chief Operations Officer | 800,000 | ||
| Marshall M. Gates Senior Managing Director, Chief Administrative Officer | 225,000 | ||
| Anne D. McCallion Senior Managing Director, Chief of Financial Operations and Planning | 300,000 | ||
| Laura K. Milleman Senior Managing Director, Chief Accounting Officer | 188,000 | ||
| Jeffrey K. Speakes Senior Managing Director, Market Risk Management | 600,000 | ||
| Total: | $ | 4,438,000 | |
As previously disclosed in the Company's current report on Form 8-K filed with the SEC on January 17, 2008, in connection with the entry of an Agreement and Plan of Merger dated as of January 11, 2008 with Bank of America Corporation and the above-referenced retention program, the Committee approved the grant of certain retention awards to Eric P. Sieracki, David Sambol, Ranjit M. Kripalani and Carlos M. Garcia, who, along with Angelo R. Mozilo, currently consist of the Company's named executive officers. Messrs. Sieracki, Sambol, Kripalani and Garcia will be awarded retention incentive payments in respect of their annual bonus awards for the Company's 2007 fiscal year payable on March 15, 2008, subject to the executive officer's continued employment with the Company through such date. Set forth below are the retention incentive payments to be awarded to each of the executive officers:
| Name & Principal Position | Retention Incentive Payment | ||
|---|---|---|---|
| Eric P. Sieracki Executive Managing Director and Chief Financial Officer | $ | 1,500,000 | |
| David Sambol President and Chief Operating Officer | 1,935,000 | ||
| Ranjit M. Kripalani Executive Managing Director, Capital Markets | 2,500,000 | ||
| Carlos M. Garcia Executive Managing Director, Enterprise Risk Management | 1,450,000 | ||
| Total: | $ | 7,385,000 | |
For purposes of calculating severance benefits under Mr. Sambol's employment agreement with the Company and, with respect to Messrs. Sieracki, Kripalani and Garcia, under the Company's Amended and Restated Change in Control Severance Plan, the retention incentive payments will be considered the "bonus and/or incentive award" with respect to Countrywide's 2007 fiscal year.
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- Exhibit 10.112
