Wal-Mart board approves contract terms for new chief financial officer

Brett Biggs was chosen to replace retiring Charles Holley as chief financial officer for Wal-Mart Stores Inc. effective Jan. 1. Wal-Mart’s board of directors recently approved the new terms of his employment contract which sets an annual base salary of $850,000, subject to yearly adjustments, according to the retailer’s filing with the Securities and Exchange Commission on Jan. 29.

He also is eligible for the company’s annual cash incentive program which is based on the performance data. The target annual cash bonus is 200% of his base salary or $1.7 million, with the maximum being 250% of his base salary, or $2.125 million annually.

Biggs also will receive an annual restricted stock award of 11,820 shares which will have three vesting schedule. Other deferred compensation included stock options to control 35,461 additional shares which also vest in three years if performance criteria is met.

The company also awarded Biggs two special payments for additional deferred compensation in options to control 25,692 shares that vest in January of 2017, with 26,171 shares to vest in January 2018, provided the required performance goals are met.