Western Union 2014 Annual Report Download - page 73

55 | The Western Union Company – Proxy Statement
NOTICE OF 2015 ANNUAL MEETING OF STOCKHOLDERS AND PROXY STATEMENT
Compensation Discussion and Analysis PROXY STATEMENT
Rajesh K. Agrawal
Executive Vice President and Interim Chief Financial
Officer (January 2014 to July 2014) and Executive
Vice President and Chief Financial Officer (July 2014
to present)
In February 2014, the Compensation Committee set
Mr. Agrawal’s initial 2014 compensation levels. In
connection with his mid-year promotion to the position
of Executive Vice President and Chief Financial Officer,
in July 2014, the committee adjusted Mr. Agrawal’s
compensation levels based on the input of the
Compensation Consultant, the historical compensation
levels received by the Company’s former Chief Financial
Officer, and market data.
• Base Salary. In connection with Mr. Agrawal’s mid-
year promotion, Mr. Agrawal’s annual base salary
wasincreasedfrom$405,000to$550,000,effective
July 15, 2014.
• Annual Incentive Plan Target and Payout Level.
Mr. Agrawal’s 2014 annual incentive target was
increasedfrom$405,000to$495,000 due to his
promotion to Chief Financial Officer in July 2014.
Accordingly, Mr. Agrawal’s prorated annual incentive
targetfor2014was$446,900.The maximum Annual
Incentive Plan award that Mr. Agrawal could have
earned during 2014 was 150% of Mr. Agrawal’s
prorated target, or $670,400, as compared to a
maximum award opportunity of 200% of target that
was used in prior years. Mr. Agrawal’s 2014 Annual
Incentive Plan award payout was $442,400, reflecting
a blended payout of 99% of target based on the
Company’s achievement of the corporate and strategic
performance goals and Mr. Agrawal’s achievement of
his individual performance goals.
• Discretionary Bonus. For 2014, the committee awarded
Mr.Agrawaladiscretionarybonusof$13,400in
recognition of his performance during 2014.
• Long-Term Incentive Award. In connection with his
promotion, Mr. Agrawal’s long-term incentive award
targetwasincreasedfrom$1,300,000to$1,500,000.
• Promotion Compensation. Effective upon his promotion
to the position of Executive Vice President and Chief
Financial Officer, Mr. Agrawal received a cash bonus
of$80,000andarestrictedstockunitawardvalued
at$500,000.Therestrictedstockunitawardis
scheduled to vest in four annual installments, subject
to Mr. Agrawal’s continued employment through each
vesting date.
Odilon Almeida
Executive Vice President and President, Americas
and European Union (January 2014 to present)
In February 2014, the Compensation Committee set
Mr. Almeida’s 2014 compensation levels, including
his annual and long-term incentive award targets, as
discussed below. In determining Mr. Almeida’s 2014
target compensation levels, the committee considered
Mr. Almeida’s 2013 performance, his increased
responsibilities as Executive Vice President and President,
Americas and European Union, and market data. The
committee increased Mr. Almeida’s compensation
levels, including his long-term incentive award, to reflect
his increased responsibilities and to bring his total
compensation into closer alignment with the Company’s
other executive officers as well as market levels.
• Base Salary. For 2014, Mr. Almeida’s base salary was
increasedfrom$575,000to$600,000.
• Annual Incentive Plan Target and Payout Level.
Mr. Almeida’s annual incentive target was increased
from$517,500to$540,000.ThemaximumAnnual
Incentive Plan award that Mr. Almeida could have
earned during 2014 was 150% of Mr. Almeida’s target,
or$810,000,ascomparedtoamaximumaward
opportunity of 200% of target that was used in prior
years. Mr. Almeida’s 2014 Annual Incentive Plan award
payout was $5 07, 60 0, reflecting a blended payout of
94% of target based on the Company’s achievement
of the corporate and strategic performance goals and
Mr. Almeida’s achievement of his individual/business
unit performance goals.
• Discretionary Bonus. For 2014, the committee awarded
Mr.Almeidaadiscretionarybonusof$43,200in
recognition of his performance during 2014.
• Long-Term Incentive Award. For 2014, the committee
increased Mr. Almeida’s long-term incentive award
targetfrom$750,000to$1,200,000.
• Promotion Compensation. Effective upon his
promotion to the position of Executive Vice President
and President, Americas and European Union,
Mr. Almeida received a restricted stock unit award
valued at $450,000. The restricted stock unit award is
scheduled to vest in four annual installments, subject
to Mr. Almeida’s continued employment through each
vesting date.