8-K/ALeadership Changes

GLOBAL PAYMENTS INC 8-K/A Report, Executive Changes (Sep 5, 2014)

Filed September 5, 2014For Securities:GPN

Summary

This 8-K filing from Global Payments Inc. (GPN) provides an update on executive compensation arrangements following a promotion announced earlier in the year. Specifically, it details amendments to the employment agreements for President and Chief Operating Officer David E. Mangum and Chief Executive Officer Jeffrey S. Sloan. For Mr. Mangum, the amendments formalize his new role and include a salary increase to $575,000 annually, effective June 30, 2014. His target annual at-risk cash bonus opportunity has also been enhanced to 100% of his base salary for the fiscal year ending May 31, 2015, up from 85%. These changes reflect the expanded responsibilities associated with his new position. Mr. Sloan's employment agreement was also amended to clarify his role as CEO only, without the title of President, but his compensation and other material terms remain unchanged.

Key Highlights

  • 1Amendment to David E. Mangum's employment agreement finalized.
  • 2Mr. Mangum's annual base salary increased to $575,000, effective June 30, 2014.
  • 3Mr. Mangum's target annual at-risk cash bonus increased to 100% of base salary for FY ending May 31, 2015.
  • 4Jeffrey S. Sloan's employment agreement amended to confirm his role solely as Chief Executive Officer.
  • 5No changes to Mr. Sloan's compensation or other material employment terms.
  • 6These amendments follow Mr. Mangum's promotion to President and Chief Operating Officer announced on May 21, 2014.

Frequently Asked Questions

David E. Mangum's annual base salary has been increased to $575,000, effective June 30, 2014. Additionally, his target annual at-risk cash bonus opportunity for the fiscal year ending May 31, 2015, has been raised from 85% to 100% of his annual base salary.

Mr. Sloan's employment agreement was amended to confirm he will continue to serve as Chief Executive Officer and will not hold the title of President. However, his compensation and all other material terms of his employment agreement remain unchanged.

The increase in Mr. Mangum's base annual salary is effective as of June 30, 2014. The enhanced bonus opportunity applies to the fiscal year ending May 31, 2015.

For Mr. Mangum, all other material terms of his employment agreement remain unchanged apart from his salary, bonus opportunity, and role. For Mr. Sloan, his compensation and all other material terms also remain unchanged.