Nasdaq enters into new employment agreement with CTO Bradley J. Peterson
In an SEC filing, Nasdaq, Inc. (NASDAQ:NDAQ) announces that it entered into an employment agreement with Bradley J. Peterson, the company’s Chief Information and Chief Technology Officer.
The term of the Employment Agreement is June 22, 2022 through December 31, 2025. The Employment Agreement replaces Mr. Peterson’s existing employment agreement with the Company, which was due to expire on December 31, 2023.
Mr. Peterson’s annual base salary during the Term will be no less than $650,000, which will be reviewed by the Management Compensation Committee of the Board of Directors at least annually and may be increased but not decreased.
In addition, for each calendar year during the Term, Mr. Peterson will continue to be eligible to participate in the Company’s executive incentive program in accordance with the terms of such program, as established from time to time by the Compensation Committee.
Mr. Peterson will be eligible to earn, for each full calendar year of the Term, an annual target bonus of not less than $975,000, based on the achievement of performance goals established for such year by the Company’s President and Chief Executive Officer and the Compensation Committee.
Additionally, Mr. Peterson will be eligible to receive annual equity compensation incentive awards with a target value of not less than $2.5 million. During the Term, Mr. Peterson will be entitled to continue to participate in all employee benefit plans or programs of the Company on the same basis as benefits are generally made available to its senior executive employees.
Upon a termination of Mr. Peterson’s employment by the Company without “Cause” by Mr. Peterson for “Good Reason” other than due to a “Change in Control” or upon Mr. Peterson’s retirement at the end of the Term, Mr. Peterson will be entitled to severance pay and benefits as follows: (i) a pro-rata target bonus with respect to the calendar year in which the date of termination occurs, payable in substantially equal monthly installments for the 12-month period following the date of termination; (ii) the continued vesting of outstanding equity compensation issued prior to the date of termination as though Mr. Peterson was employed through all applicable performance periods; (iii) $40,000 to offset the cost of premiums associated with Mr. Peterson’s post-retirement health benefits, payable in a lump sum within 60 days of the date of termination; and (iv) twenty-four months of financial and tax services and executive physical exams.