Business Context and Reporting Period
This Form 8-K Current Report was filed by The NASDAQ OMX Group, Inc. on April 15, 2011, regarding an event that occurred on April 11, 2011. The filing discloses the appointment of a new senior executive officer.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The material change reported is the appointment of Lee Shavel as Chief Financial Officer (CFO) and Executive Vice President, Corporate Strategy, effective May 23, 2011. Mr. Shavel joins from Bank of America Merrill Lynch, where he served as Americas Head of Financial Institutions Investment Banking.
Compensation and Management Commentary
- Employment Agreement: NASDAQ OMX has no formal employment agreement with Mr. Shavel.
- Base Salary: $500,000 annually.
- Target Incentive Compensation: $750,000.
- Equity Awards: Valued at $6,400,000, to be granted under the NASDAQ OMX Equity Incentive Plan effective on his start date.
Investor Verification Checklist
- Verify the effective start date of May 23, 2011, for the new CFO.
- Confirm the total initial compensation package value ($7,650,000 in cash targets plus $6,400,000 in equity).
- Note the absence of a formal employment agreement for the new appointee.
- Review the attached press release (Exhibit 99.1) for additional context on the appointment.