Summary
This filing is an amendment (8-K/A) to a previous report by American Express Company (AXP), specifically updating information regarding the appointment of Daniel T. Henry as Executive Vice President and Chief Financial Officer. The amendment clarifies the compensation package approved for Mr. Henry upon his appointment, effective October 31, 2007. Key details of Mr. Henry's compensation include a significant increase in his base salary to $625,000 per annum, retroactive to October 15, 2007. Furthermore, he was awarded a non-qualified stock option to purchase 95,000 shares at an exercise price of $60.95 per share, vesting over four years. An adjustment to his potential payout under the "Portfolio Grant 2007-2009" award was also approved, with a threshold payout of $169,675 and a maximum potential payout of $2,358,125, contingent on company performance through December 31, 2009.
Key Highlights
- 1Amendment to a previous 8-K filing concerning executive appointments.
- 2Daniel T. Henry appointed as Executive Vice President and Chief Financial Officer.
- 3Henry's base salary increased to $625,000 annually, retroactive to October 15, 2007.
- 4Awarded 95,000 stock options with an exercise price of $60.95, vesting over four years.
- 5Stock options expire on October 31, 2017.
- 6Potential payout under the 2007-2009 Portfolio Grant ranges from $169,675 (threshold) to $2,358,125 (maximum).
- 7Payout for the Portfolio Grant is expected in February 2010, dependent on company performance.