NYSE Euronext (NYX) will tie its chief executive's pay more closely to the Big Board parent's performance as the company refocuses on an independent growth strategy.

Chief Executive Duncan Niederauer agreed to revise his contract with NYSE Euronext to link bonus payments to the exchange operator's performance against the S&P 500 stock index, according to documents filed with regulators Tuesday.

Niederauer also will see his severance pay boosted if he leaves the CEO post following a merger deal involving NYSE Euronext, while he will give up certain tax reimbursements that the company previously had agreed to pay in such an event.

"The Company has taken these actions to retain and incentivize our high performing CEO at a critical juncture for the Company following the termination of the proposed business combination with Deutsche Boerse," NYSE Euronext officials wrote in a filing with the Securities and Exchange Commission.

NYSE Euronext has ramped up capital return efforts and sought to reduce expenses after the European Union blocked its long-planned merger with Germany's Deutsche Boerse AG (DB1.XE, DBOEF) in early February.

NYSE has revived a shelved plan to build its own trade-clearing facility in London and looked to trim investments that haven't delivered meaningful results. Niederauer has said that the company will continue to look for smaller-sized acquisitions, particularly on the technology side.

Niederauer, who has led the company since 2007, has maintained a base salary of $1 million per year since 2008. In 2010 he earned $4.75 million in bonus payments, up from $4.25 million the prior year and $4 million in 2008.

-By Jacob Bunge, Dow Jones Newswires; 312 750 4117; jacob.bunge@dowjones.com
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