Wyndham Worldwide Corp. (WYN) said Tuesday in a filing with the SEC that it has amended the employment agreement of Chairman and Chief Executive Officer, Stephen Holmes, on November 19. The amendment extends Holmes' employment period by 3 years from the current termination date of July 31, 2010 to July 31, 2013.
Parsippany, New Jersey-based Wyndham is a hospitality group engaged in offering individual consumers and business customers a range of hospitality products and services across various accommodation alternatives and price ranges through the portfolio of brands.
Under the new terms of the agreement, if Holmes' employment is terminated without a cause, the amendment enables him a lump-sum payment equal to 299% of the sum of his then-current base salary plus his highest annual incentive compensation paid for any of the three years immediately preceding the year in which his employment is terminated. However, the annual incentive compensation portion will not exceed 200% of Holmes' then-current base salary. Prior to amendment, it was based on target annual incentive compensation.
Also, Holmes would be relieved of Code section 4999 excise tax gross-up relating to golden parachute payments, under specific conditions. The amended agreement entails $1 reduction from the threshold level that triggers Code section 4999 excise taxes, if only the net after-tax amount received after the reduction is higher than what Holmes would receive if he paid the Code section 4999 excise and related taxes.
Wyndham Worldwide also entered into an employment agreement with Franz Hanning, CEO vacation ownership business. According to the agreement, Hanning would be provided a minimum base salary of $606,000, and annual incentive compensation not exceeding $660,000, subject to meeting performance goals. His tenure would end on August 1, 2011.
In case Hanning's employment is terminated without cause, he will be entitled to a lump-sum payment equal to 200% of the sum of his then-current base salary plus an amount equal to the highest annual incentive compensation paid during any of the three years immediately preceding the year in which his employment is terminated. However, the upper limit of the annual incentive compensation portion is $660,000.
WYN finished Tuesday's trading at $18.8, on the NYSE.
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