So Mike Z. gets a $1.2-million annual salary just for showing up. Then, he’s eligible for a bonus worth $1.8-million to $3.6-million if certain performance benchmark are reached. Then, there’s the five million stock options and 2.25 restricted stock options he received last year, which are currently worth nearly $18-million. And if Mike Z. sticks around for five years, he gets a $500,000 a year pension after he turns 60. If that’s doesn’t come across as sweet, Nortel also disclosed it will pay ex-chief legal officer Nick De Roma, who quit last year, a monthly salary of $43,833 until Sept. 2007 as well as giving him 100% annual salary payment as an “incentive award”. And you thought, you were in the wrong line of work! It’s nice to see Nortel has enough money to be throwing around cash – and that doesn’t include the $500M+ it will pay to make those pesky class-action lawsuits go away. For more details on the what’s what, here’s the SEC document
Mike Z.’s Sweet Compensation Package
So Mike Z. gets a $1.2-million annual salary just for showing up. Then, he’s eligible for a bonus worth $1.8-million to $3.6-million if certain performance benchmark are reached. Then, there’s the five million stock options and 2.25 restricted stock options he received last year, which are currently worth nearly $18-million. And if Mike Z. sticks around for five years, he gets a $500,000 a year pension after he turns 60. If that’s doesn’t come across as sweet, Nortel also disclosed it will pay ex-chief legal officer Nick De Roma, who quit last year, a monthly salary of $43,833 until Sept. 2007 as well as giving him 100% annual salary payment as an “incentive award”. And you thought, you were in the wrong line of work! It’s nice to see Nortel has enough money to be throwing around cash – and that doesn’t include the $500M+ it will pay to make those pesky class-action lawsuits go away. For more details on the what’s what, here’s the SEC document