8-KLeadership ChangesExhibits & Filings

GLOBAL PAYMENTS INC 8-K Report, Executive Changes (Apr 22, 2010)

Filed April 22, 2010For Securities:GPN

Summary

This Form 8-K filing by Global Payments Inc. (GPN) on April 22, 2010, primarily announces a significant executive change. James G. Kelly, a key officer, is departing the company to pursue other opportunities, with his last day of employment set for June 30, 2010. The company has entered into a Transition and Separation Agreement with Mr. Kelly, outlining his severance benefits and terms, which largely align with his prior employment agreement. A notable aspect of the agreement is the company's decision to waive a 90-day stock retention requirement for Mr. Kelly, allowing him to sell or transfer up to 100,000 shares before his departure. In exchange, Mr. Kelly has agreed to confidentiality and non-solicitation clauses for a period of 24 months post-employment. This filing also includes a press release detailing the event and the separation agreement as exhibits.

Key Highlights

  • 1James G. Kelly, a principal officer, is leaving Global Payments Inc. to pursue other opportunities.
  • 2Mr. Kelly's last day of employment with the company will be June 30, 2010.
  • 3A Transition and Separation Agreement has been executed with Mr. Kelly, detailing severance benefits.
  • 4The company waived a 90-day stock retention requirement for Mr. Kelly, allowing him to sell/transfer up to 100,000 shares before June 30, 2010.
  • 5Mr. Kelly has agreed to confidentiality and non-solicitation clauses for 24 months following his employment termination.
  • 6The filing includes a press release dated April 21, 2010, announcing the executive departure and the separation agreement as exhibits.

Frequently Asked Questions

James G. Kelly is leaving Global Payments Inc. to pursue other opportunities. His departure was announced on April 21, 2010, and he will remain with the company until June 30, 2010.

The Transition and Separation Agreement outlines Mr. Kelly's severance benefits, consistent with his employment agreement. Notably, the company waived a 90-day stock retention requirement for him and he has agreed to confidentiality and non-solicitation clauses for 24 months post-employment.

While his original employment agreement had a 90-day stock retention requirement, the company waived this restriction as part of the separation agreement, allowing Mr. Kelly to sell or transfer up to 100,000 shares of Company stock prior to his departure on June 30, 2010.

Yes, Mr. Kelly has agreed not to disclose confidential information and not to solicit the Company’s customers or recruit its employees or sales agents for a period of 24 months following the termination of his employment.