Description of Director Compensation for First Data Holdings Inc. Non-Employee Directors
This document outlines that directors of First Data Corporation do not receive compensation from the company itself, but as directors of its parent company, First Data Holdings Inc., non-employee directors are paid $40,000 per year in semi-annual installments. Directors can choose to defer their compensation under a deferred compensation plan, with deferred amounts accruing earnings based on the parent company's stock performance. Payment of deferred amounts occurs when a director leaves the board, with possible earlier payout in certain situations.
Exhibit 10.33
DESCRIPTION OF COMPENSATION OF DIRECTORS
First Data Corporation (the “Company”) directors do not receive compensation. However, all of the directors of the Company are also directors of the Company’s parent company, First Data Holdings Inc. (“Holdings”). The Governance, Compensation and Nominations Committee (the “Committee”) of the Board of Directors of Holdings has approved compensation for each non-employee directors of Holdings of $40,000 per year payable in semi-annual installments. Such directors may make an election to defer compensation earned in each calendar year under the First Data Holdings Inc. 2008 Non-Employee Director Deferred Compensation Plan. All amounts deferred will accrue earnings based on the performance of Holdings common stock and be paid to the director upon termination of the director’s service, subject to acceleration of the payout under certain circumstances.
