Summary
Mastercard Incorporated has filed a Form 8-K to announce a key board appointment. On September 9, 2008, the Board of Directors elected Jackson P. Tai as a Class M director. Mr. Tai brings significant experience, having previously served as Vice Chairman and Chief Executive Officer of DBS Group and DBS Bank Ltd. His appointment is noteworthy as it signifies a strengthening of the board with international financial sector expertise.
Key Highlights
- 1Mastercard appointed Jackson P. Tai to its Board of Directors as a Class M director.
- 2Mr. Tai's experience includes former roles as Vice Chairman and CEO of DBS Group and DBS Bank Ltd.
- 3This appointment is effective as of September 9, 2008.
- 4Mr. Tai has not yet been assigned to any board committees.
- 5As part of his directorship, Mr. Tai received 350 deferred stock units, which are scheduled to settle on September 9, 2012.
- 6The deferred stock unit award is based on the Company's Non-Employee Director Equity Compensation Plan and is pro-rated for his partial term.
Frequently Asked Questions
Jackson P. Tai is a new Class M director appointed to Mastercard's Board. His significance lies in his substantial prior experience as Vice Chairman and CEO of DBS Group and DBS Bank Ltd., bringing international financial expertise to the board.
The 350 deferred stock units awarded to Mr. Tai will be settled on September 9, 2012, under the terms of the Company's 2006 Non-Employee Director Equity Compensation Plan.
The award is calculated based on a pro-rated portion of $100,000, divided by the average of the high and low stock price on the grant date ($214.365). This pro-rated amount reflects the approximately nine-month portion of the director term Mr. Tai will serve until the next annual meeting.
No, as of the filing date, Mr. Tai has not yet been appointed to any committees of the Board of Directors.