Eric Bock
Chief Legal Officer, Global Head of M&A and Compliance and Corporate Secretary at Global Business Travel Group
Executive
About Eric Bock
Eric J. Bock, 60, is Chief Legal Officer, Global Head of M&A and Compliance, and Corporate Secretary of Global Business Travel Group, Inc. (GBTG), serving in the role since May 2022 after holding the same roles at Legacy GBTG since October 2014; he holds a B.A. from Lafayette College and a J.D. from Fordham University School of Law . FY2024 annual incentive metrics tied to company performance included Adjusted EBITDA ($450M target; $478M actual) and Cash from Operations less Capex ($120M target; $165M actual) alongside customer and colleague measures; the Compensation Committee determined Company performance achieved 133% of AIA targets for 2024 . His FY2024 bonus was paid at 150% of base ($975,000), reflecting combined Company and individual performance per program guidelines .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Global Business Travel Group, Inc. | Chief Legal Officer; Global Head of M&A and Compliance; Corporate Secretary | May 2022–present | Executive legal leadership and M&A oversight; Corporate Secretary responsibilities . |
| Legacy GBTG | Chief Legal Officer; Global Head of M&A; Corporate Secretary | Oct 2014–May 2022 | Continuity of legal/M&A leadership through pre‑listing period . |
| Travelport Worldwide Limited | EVP, Chief Legal Officer, Chief Administrative Officer; Chief Compliance & Ethics Officer; Chair, Enterprise Risk Management Committee; member of Employee Benefits, Charitable, Disclosure and Investment Committees | Not disclosed | Integral to developing/implementing strategic plans; enterprise risk governance . |
| Cendant Corporation | EVP, Law and Corporate Secretary | Not disclosed | Oversaw legal practice groups across securities/corporate finance, M&A, governance, executive compensation, travel distribution, marketing services . |
| Skadden, Arps, Slate, Meagher & Flom LLP | Associate, Corporate Group | Not disclosed | Corporate law training and practice . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| eNett International | Board of Directors member | Not disclosed | Governance at leading integrated payments provider to travel industry . |
Fixed Compensation
| Component | FY2024 | FY2023 | Notes |
|---|---|---|---|
| Base Salary ($) | $650,000 | $650,000 | Unchanged in 2024 per Compensation Committee decision . |
| Perquisites ($) | $0 (historically ~$25,000 discontinued) | $0 (discontinued) | Employment letter permitted ~$25k perquisite historically, discontinued . |
Performance Compensation
Annual Incentive Plan (AIA) – Company Metrics (FY2024)
| Metric | Weighting (%) | Target | Actual | Payout Assessment |
|---|---|---|---|---|
| Adjusted EBITDA | 45 | $450M | $478M | Contributed to 133% overall achievement . |
| Cash from Operations less Capex | 25 | $120M | $165M | Contributed to 133% overall achievement . |
| Client NPS | 5 | Exceeds target | Exceeded maximum performance level | Exceeds Target . |
| Net Win-Loss Volume | 5 | Exceeds target | Exceeded target via new wins and retention | Exceeds Target . |
| Sustainability (EcoVadis/SAF) | 5 | Exceeds target | Exceeded target; 750k gallons SAF sold; emissions pricing launched | Exceeds Target . |
| Employee Engagement | 5 | Best-in-class objective | Exceeded objective | Exceeds Target . |
| Inclusion | 5 | Best-in-class standard | Exceeded maximum by 7 points | Exceeds Target . |
| High-Performing Talent Attrition | 5 | Target | Exceeded maximum; strong retention | Exceeds Target . |
| Overall Company AIA Achievement | — | — | 133% of targets | Used in NEO bonus determinations . |
Annual Incentive – Eric Bock FY2024 Outcome
| Item | Value |
|---|---|
| Target bonus (% of base) | 100% |
| Combined Performance Rating Factor | 150% |
| Bonus paid (% of base) | 150% |
| Cash bonus ($) | $975,000 |
Equity Awards and Vesting
| Award Type | Grant Date | Shares/Units | Grant Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|
| RSUs (Annual 2024) | 3/6/2024 | 517,241 | $2,849,998 | One-third on March 1 of 2025, 2026, 2027 (service-based) . |
| RSUs (Prior annual 2023) | Various (see outstanding table) | 156,740 | $1,454,547 market value at $9.28 (12/31/24 close) | One-third on March 1 of 2024, 2025, 2026 . |
| RSUs (Prior tranche) | Various (see outstanding table) | 843,882 | $7,831,225 market value at $9.28 | One-third on January 26 of 2024, 2025, 2026 . |
| Earnout Shares (Equity Incentive Plan) | — | 68,901 (unearned) | $639,401 market value at $9.28 (max criteria) | Subject to Earnout Criteria (service-vested) . |
| Options (Legacy grants) | Various ≤12/2/2021 | 994,508 exercisable | Strike $10.03 | Fully vested; exercisable until expiration (10 years from grant; e.g., 12/2/2031) . |
| 2024 Vested RSUs | 2024 | 695,621 shares vested | $4,260,033 value realized | Values based on closing price at vest date . |
Summary Compensation (Multi‑Year)
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Non-Equity Incentive Plan ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2024 | 650,000 | 500,000 (vesting of 2021 LTIP time‑based tranche) | 2,849,998 | 975,000 | 13,800 | 4,988,798 |
| 2023 | 650,000 | 1,000,000 | 10,499,990 | 900,000 | 13,200 | 13,063,190 |
| 2022 | 636,538 | 1,000,000 | 3,303,156 | 975,000 | 37,200 | 5,951,894 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (shares) | 2,086,308 shares; <1% of outstanding . |
| Shares outstanding (Record Date) | 478,702,748 Class A shares . |
| Stock ownership guidelines | Other Executive Officers: 3× base salary; 5‑year compliance window; retention of 50% net shares until compliant . |
| Compliance status | All NEOs met guidelines as of Record Date . |
| Hedging/pledging | Prohibited: hedging, holding in margin, pledging Company stock . |
| Options | 994,508 exercisable; $10.03 strike; expires 12/2/2031; fully vested . |
| Unvested RSUs (12/31/2024) | 517,241 (annual 2024 grant, vests 3/1/25–27) ; 156,740 (vests 3/1/24–26) ; 843,882 (vests 1/26/24–26) . |
| Earnout shares | 68,901 unearned at max criteria; service-vested . |
| Stock vested in 2024 | 695,621 shares vested; $4,260,033 value realized . |
Employment Terms
| Provision | Key Terms |
|---|---|
| Employment letter | Dated Aug 7, 2014 with GBT III B.V.; starting base salary $600,000; target annual bonus 100% of base (max 200%); ~$25,000 perquisite historically (discontinued) . |
| Severance (non‑CoC) | If terminated without cause/resign for good reason/disability: 12 months base salary; target annual bonus; pro‑rated bonus (actual performance for Bock); health benefits up to 12 months . |
| Severance (CoC double‑trigger) | If terminated without cause/resign for good reason during CoC window: additional lump sum equal to 1× base + target bonus; additional health benefits (6 months) . No single‑trigger . |
| Equity treatment | Options fully vested; remain exercisable until end of original term (10 years from grant) on termination . RSUs carry termination protections; amounts are based on closing price at 12/31/2024 ($9.28) for disclosure . |
| Restrictive covenants | One‑year post‑termination non‑compete and non‑solicit of customers, vendors, employees; compliance required for equity treatment . |
| Clawbacks | Dodd‑Frank compliant mandatory recoupment policy (Oct 2, 2023) and supplemental discretionary clawback (May 2022) for restatements/misconduct . |
| Excise tax gross‑ups | None on change in control payments . |
Potential Payments (as of 12/31/2024 scenario)
| Trigger | Base Salary ($) | Bonus ($) | RSUs ($) | Health Benefits ($) | Total ($) |
|---|---|---|---|---|---|
| Involuntary termination (not CoC) | 650,000 | 1,625,000 | 6,242,879 | 28,160 | 8,546,039 |
| Involuntary termination (CoC) | 1,300,000 | 2,275,000 | 14,085,768 | 42,239 | 17,703,007 |
| Death | — | — | 14,085,768 | — | 14,085,768 |
| Disability | 650,000 | 1,625,000 | 6,242,879 | 28,160 | 8,546,039 |
Additional Governance Context
- Compensation decision process: Compensation Committee (independent; Semler Brossy as advisor) sets base, AIA goals, and equity awards; CEO recommends for other executives; risk assessment performed annually .
- Equity grant practices: RSUs granted only during open trading windows; no stock options granted in 2024; performance‑based stock awards to be included beginning 2025 .
- Corporate Secretary: Bock signed 2025 proxy and is named attorney‑in‑fact on 2024 10‑K .
Investment Implications
- Pay-for-performance alignment: Bock’s FY2024 cash bonus at 150% of base reflects Company performance achievement at 133% of AIA targets and individual performance, with financial metrics focused on Adjusted EBITDA and cash generation—supportive of equity value creation orientation .
- Retention and severance economics: Double‑trigger CoC protections and sizable RSU termination benefits increase retention but also create potential change‑in‑control costs; options remain exercisable to end of term reducing forced exercise risk .
- Equity overhang and vesting cadence: Large multi‑year RSU tranches vest annually on March 1 and January 26 (2024–2027), plus earnout shares—this cadence concentrates vesting windows which can influence near‑term supply from tax‑related share withholding, though hedging/pledging is prohibited .
- Alignment safeguards: Stock ownership guidelines (3× base for executives) are met; robust clawbacks and hedging/pledging bans mitigate misalignment and governance risk .
Overall, Bock’s incentives emphasize EBITDA and cash generation with increasing emphasis on performance equity from 2025, while severance terms are competitive and retention‑oriented. The governance framework (ownership guidelines, clawbacks, anti‑pledging) supports investor alignment; monitoring annual vest dates and any future Form 4 activity would refine views on potential selling pressure and signal confidence.