8-KLeadership Changes

Fidelity National Information Services, Inc. 8-K Report, Executive Changes (Aug 23, 2010)

Filed August 23, 2010For Securities:FIS

Summary

This Form 8-K filing from Fidelity National Information Services, Inc. (FIS) on August 23, 2010, primarily details changes to the employment agreement for Mr. Frank R. Sanchez, effective August 15, 2010. The agreement transitions Mr. Sanchez from an executive role to a non-executive employee position with a term ending November 30, 2012. This shift is accompanied by a significant reduction in his base salary starting October 1, 2010, to $12,000 annually. Additionally, the filing outlines specific bonus payments and compensation arrangements for 2010, including a pro-rated incentive bonus and a $1,000,000 payment, both due September 30, 2010. Importantly, Mr. Sanchez's existing grants of restricted and performance stock as of July 20, 2010, have been cancelled. Investors should note this transition signifies a change in Mr. Sanchez's role and compensation structure within the company.

Key Highlights

  • 1Frank R. Sanchez's employment agreement amended, transitioning him to a non-executive role.
  • 2Mr. Sanchez's term of employment extended to November 30, 2012.
  • 3Annual base salary significantly reduced to $12,000 starting October 1, 2010.
  • 4Entitled to a pro-rated incentive bonus of $691,875 payable on September 30, 2010.
  • 5Receives an additional $1,000,000 payment on September 30, 2010.
  • 6Continues participation in the Metavante Merger Synergy Bonus plan through September 30, 2010.
  • 7Existing grants of restricted stock (40,741 shares) and performance stock (20,370 shares) as of July 20, 2010, are cancelled.

Frequently Asked Questions

The main purpose of this 8-K filing is to disclose changes to the employment agreement of Mr. Frank R. Sanchez, including his role transition to a non-executive position and associated compensation adjustments.

Effective October 1, 2010, Mr. Sanchez's annual base salary will be reduced to $12,000. This is a significant decrease from his previous compensation structure.

In addition to his reduced base salary for the remainder of the year, Mr. Sanchez is entitled to a pro-rated incentive bonus of $691,875 and a $1,000,000 payment, both scheduled to be paid on September 30, 2010. He will also continue participation in the Metavante Merger Synergy Bonus plan through September 30, 2010.

Yes, Mr. Sanchez's previously granted restricted stock (40,741 shares) and performance stock (20,370 shares) as of July 20, 2010, have been cancelled as part of this amended employment agreement.