Summary
This Form 8-K filing by The Bank of New York Mellon Corporation (BK) on July 17, 2008, primarily addresses changes to the compensation and employment terms for its new Chief Financial Officer (CFO), Thomas P. Gibbons. Effective July 1, 2008, Mr. Gibbons stepped into the CFO role. In connection with this new position, he agreed to waive certain termination benefits outlined in his previous Transition Agreement. Specifically, Mr. Gibbons relinquished his right to receive benefits if he terminated employment for any reason during a 30-day period following the 30-month anniversary of the merger between The Bank of New York Company, Inc. and Mellon Financial Corporation. He also agreed that his new CFO responsibilities would not be considered "Good Reason" for termination under the agreement. These changes were approved by the Human Resources and Compensation Committee, which also authorized an increase in his base salary and a stock option grant.
Key Highlights
- 1Thomas P. Gibbons appointed Chief Financial Officer (CFO) effective July 1, 2008.
- 2Mr. Gibbons waived specific termination benefits under his existing Transition Agreement.
- 3The waiver relates to benefits he could have received if he terminated employment within a 30-day window after the 30-month merger anniversary.
- 4Mr. Gibbons agreed that his new CFO role does not constitute 'Good Reason' for termination under his agreement.
- 5His base annual salary was increased from $625,000 to $650,000.
- 6A stock option grant for 38,152 shares of common stock was approved for Mr. Gibbons, to be granted on July 21, 2008.