CYBS » Topics » Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

This excerpt taken from the CYBS 8-K filed Mar 9, 2007.

Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 5, 2007, the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of CyberSource Corporation (the “Company”) approved the following increases in the annual salaries of the following executive officers:

 

Name

 

Position

 

Increase in Annual Salary

 

Annual Salary Following Increase

William S. McKiernan   Chairman of the Board and Chief Executive Officer   $20,000   $345,000
Scott Cruickshank   President and Chief Operating Officer   $15,000   $315,000
Steven D. Pellizzer   Chief Financial Officer and Vice President, Finance   $20,000   $245,000
Robert J. Ford   Chief Technology Officer and Executive Vice President, Product Development   $15,000   $280,000
Michael A. Walsh   Senior Vice President Worldwide Sales   $12,000   $227,000

On March 5, 2007, the Committee also approved the CyberSource Corporation 2007 Bonus Plan which provides for bonuses for all eligible employees, including the executive officers, upon over-achievement of operating income achieved by the Company for the full year 2007, based on the 2007 financial plan adopted and approved by the Company’s Board of Directors, as may be amended from time to time at the sole discretion of the Company. For every dollar of over-achievement of operating income by the Company for 2007 against the Company’s financial plan for such year, $0.50 will be placed into a bonus pool which is allocated to the employees based on, for eligible non-executive employees, a certain percentage of their salary, and, for executive employees, the following dollar amounts (which amounts represent the maximum such executive officer may receive under the 2007 Bonus Plan):


Name

 

Position

 

Target Bonus Amount

William S. McKiernan   Chairman of the Board and Chief Executive Officer   $100,000
Scott Cruickshank   President and Chief Operating Officer   $85,000
Steven D. Pellizzer   Chief Financial Officer and Vice President, Finance   $75,000
Robert J. Ford   Chief Technology Officer and Executive Vice President, Product Development   $75,000
Michael A. Walsh   Senior Vice President Worldwide Sales   $25,000*

* Mr. Walsh may also earn up to an additional $100,000 in the form of commissions based on attaining and exceeding certain sales targets.


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