NEW YORK, March 27 NYSE Euronext added a
performance-based incentive to the employment agreement of its
chief executive worth up to $6 million a year following its
failed $7.4 billion merger with Deutsche Boerse, the
company said in a regulatory filing on Tuesday.
The operator of the New York Stock Exchange earlier reported
that its CEO, Duncan Niederauer, received $9.09 million in total
compensation last year, up from $7.06 million in 2010.
The exchange's compensation committee said it added
incentives to retain Niederauer at a critical time following the
NYSE's failed tie-up with Deutsche Boerse. European regulators
blocked the deal in February, citing antitrust concerns.
Niederauer's 2011 pay package included $1 million in base
salary, a $2.75 million bonus, $4.68 million in stock awards,
and just under $665,000 in other compensation.
The company said the new employment agreement with
Niederauer adds a performance-based share award worth up to $6
million per year through 2015.
If the exchange matches the return of the S&P 500 over a
three-year period, the annual bonus is worth $3 million. The
bonus can rise as high as $6 million if NYSE shares beat the
index return by 1 percent or more.
Niederauer can still get 75 percent of the share award if
the NYSE's performance falls below the S&P 500's return by 25
percentage points, but below that, the bonus is forfeited.
The new agreement also doubles Niederauer's potential
severance pay to two times his annual base salary plus a bonus
if he is terminated without cause or if he leaves for "good