First Data Corporation 2009 Executive Officer Salary and Bonus Arrangements
First Data Corporation's Compensation and Benefits Committee approved the 2009 base salaries and target bonuses for its named executive officers, including the CEO, CFO, and several Executive Vice Presidents. Bonus amounts are subject to the Committee's discretion and depend on financial, operational, and individual performance during 2009. Executives may also receive additional benefits such as personal use of company aircraft, event tickets, financial planning services, car allowances, and relocation reimbursements.
Exhibit 10.24
Named Executive Officer Salary and Bonus Arrangements
On March 23, 2009, the Compensation and Benefits Committee (the “Committee”) of the Board of Directors of First Data Corporation (the “Company”) approved the following 2009 base salaries and target bonuses for the Company’s named executive officers.
| Name and Title | 2009 Base Salary | 2009 Bonus Target (1) | ||||
| Michael D. Capellas Chairman and Chief Executive Officer | $ | 1,200,000 | $ | 1,800,000 | ||
| Philip M. Wall Executive Vice President & Chief Financial Officer | $ | 632,000 | $ | 632,000 | ||
| Edward A. Labry III Executive Vice President | $ | 750,000 | $ | 937,500 | ||
| Grace Chen Trent Executive Vice President | $ | 400,000 | $ | 400,000 | ||
| David G. Yates Executive Vice President | € | 498,678 | € | 623,348 | ||
|
| ||||||
| (1) | 2009 bonus funding will be determined at the discretion of the Committee at the end of the year after considering accomplishments during 2009, which may include: (1) financial performance, as measured by 2009 EBITDA; (2) operational performance, as measured by the attainment of business service level and operational objectives; and (3) attainment of the Company’s and each executives individual performance objectives. |
From time to time, the Company’s executive officers receive certain perquisites and personal benefits that may include personal use of the Company’s aircraft, personal use of tickets to certain professional events, personal financial planning up to $20,000 per year, car allowance and reimbursement for relocation and moving expenses.
