01—Abstract
Summary
Summary of the 8-K/A filed September 4, 2020. Cited figures are marked; the original filing is the authoritative source.
Corpay, Inc. (CPAY) filed an 8-K on September 4, 2020, primarily to disclose executive compensation details and an officer appointment.
The filing confirms significant compensation packages for Charles R. Freund, including a base salary of $450,000a and a target bonus of 37.5%, alongside substantial equity grants valued at $880,000 in performance-based restricted stock and $1,000,000 in time-based stock options. This indicates continued investment in key executive talent and alignment with performance goals.
Additionally, the company announced the appointment of Alissa B. Vickery as Chief Accounting Officer, effective September 1, 2020. Ms. Vickery brings a strong background in accounting and finance, having held senior roles at FLEETCOR and its predecessor, as well as prior experience at major accounting firms.
Her compensation package includes a base salary of $225,000,b a target bonus of 15%, and equity grants valued at $115,000 in performance-based restricted stock and $250,000 in time-based stock options. This appointment signals a strengthening of the company's financial leadership.
02—Key points
Key Highlights
- Charles R. Freund's annual base salary set at $450,000 with a 37.5% target bonus.
- Mr. Freund received significant equity awards: $880,000 in performance-based restricted stock and $1,000,000 in time-based stock options.
- Alissa B. Vickery appointed as Chief Accounting Officer, effective September 1, 2020.
- Ms. Vickery's background includes over nine years in public accounting at Deloitte LLP and Arthur Andersen LLP, and senior roles at FLEETCOR and Worldpay.
- Ms. Vickery's compensation includes a $225,000 base salary and a 15% target bonus.
- Ms. Vickery received equity grants valued at $115,000 (performance-based) and $250,000 (time-based).
- The filing includes Mr. Freund's Offer Letter as Exhibit 99.1.
03—Questions
Frequently Asked Questions
What is the total compensation for Charles R. Freund disclosed in this filing?
This filing details Mr. Freund's base salary of $450,000 and a target bonus of 37.5% of his base salary. It also includes the grant date value of his equity awards: $880,000 in performance-based restricted stock and $1,000,000 in time-based stock options. The total direct compensation for 2020 would depend on the achievement of performance metrics and vesting schedules for these awards.
Who is Alissa B. Vickery and what is her role?
Alissa B. Vickery was appointed Chief Accounting Officer of Corpay, Inc. effective September 1, 2020. She also serves as Senior Vice President of Accounting and Controls, overseeing external reporting, technical accounting, and internal audit. She has a strong background in accounting and finance, with extensive experience at FLEETCOR and prior roles in public accounting.
What are the key components of Ms. Vickery's compensation?
Ms. Vickery's compensation includes an annual base salary of $225,000 and a target bonus of 15% of her base salary. She also received equity grants valued at $115,000 in performance-based restricted stock and $250,000 in time-based stock options, both with vesting contingent on performance metrics and service requirements.
What does the appointment of Ms. Vickery signify for Corpay?
The appointment of Ms. Vickery as Chief Accounting Officer, along with her comprehensive background and compensation package, suggests a commitment to strengthening the company's financial reporting and internal controls. Her experience at FLEETCOR and her background in public accounting indicate a focus on robust financial operations and compliance.
04—Continue