Summary
This 8-K filing from PayPal Holdings, Inc. (PYPL) is an amendment that details compensation arrangements related to the departure of its Chief Financial Officer, John D. Rainey. Specifically, on April 24, 2022, the Compensation Committee approved a $100,000 cash transition bonus for Mr. Rainey. This bonus is contingent upon his continued employment through May 23, 2022, and will be paid within two and a half months of his termination date.
Key Highlights
- 1John D. Rainey, former CFO and EVP of Global Customer Operations, is departing from PayPal.
- 2A $100,000 cash transition bonus has been approved for Mr. Rainey.
- 3The bonus is intended to incentivize Mr. Rainey to remain employed until May 23, 2022, to ensure an uninterrupted transition of his duties.
- 4Payment of the bonus is conditional upon Mr. Rainey's continuous employment until the specified date.
- 5The bonus will be paid within 2.5 months following his employment termination date.
- 6This filing is an amendment to a previous report.
Frequently Asked Questions
John D. Rainey was the Chief Financial Officer (CFO) and Executive Vice President of Global Customer Operations at PayPal Holdings, Inc. He has resigned from these positions.
The bonus is designed to incentivize Mr. Rainey to continue his employment until May 23, 2022. This is to ensure a smooth and uninterrupted handover of his responsibilities during his departure.
Yes, Mr. Rainey must remain continuously employed by PayPal until May 23, 2022, to be eligible for the $100,000 cash transition bonus. The bonus will be paid out within two and a half months after his employment termination date.
The Compensation Committee approved the bonus on April 24, 2022. The payment will be made within two and a half months following Mr. Rainey's employment termination date, provided he meets the employment condition.