Bank of New York Mellon Corp 8-K/A, filed Aug 14, 2020
Bank of New York Mellon Corp (BNY)
About this 8-K/A
Bank of New York Mellon Corp filed this 8-K/A on August 14, 2020, reporting on events of July 19, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Amendment No. 1
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On August 10, 2020, the Human Resources and Compensation Committee of the Board approved a new compensation arrangement for Ms. Portney in connection with her appointment as Chief Financial Officer of the Company. Ms. Portney’s base salary was set at $600,000, effective as of August 10, 2020. Her target incentive for 2020 will be $3,457,500, which reflects a blended rate taking into consideration the roles in which Ms. Portney served during 2020.
Ms. Portney’s actual 2020 incentive award will be based on corporate and individual performance and will be delivered 30% in cash, 25% in restricted stock units (“RSUs”) and 45% in performance share units (“PSUs”), consistent with BNY Mellon’s Executive Compensation Program, which is described in BNY Mellon’s Definitive Proxy Statement on Schedule 14A filed on March 3, 2020 (the “Proxy Statement”).
All awards granted to Ms. Portney are subject to BNY Mellon’s clawback and recoupment policy as described in the Proxy Statement. Ms. Portney will also participate in BNY Mellon’s Executive Severance Plan as described in the Proxy Statement.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| The Bank of New York Mellon Corporation (Registrant) | ||||||
| Date: August 14, 2020 | By: | /s/ James J. Killerlane III | ||||
| Name: | James J. Killerlane III | |||||
| Title: | Secretary | |||||
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