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Everytime I read another story on this failed bailout - I can't help thinking of the Alan Fishman, CEO for Washington Mutual.
"Alan Fishman, 62, who replaces ousted chief executive Kerry Killinger, will receive an annual base salary of $1 million, a sign-on bonus of $7.5 million and an annual bonus of 365 percent of his base salary, or of $3.65 million. WaMu declined to comment on the pay package.
If he stays for the full year, he’ll receive a long-term incentive award of no less than $8 million, according to the Security and Exchange Commission filing.
Fishman also will receive options to purchase 5 million shares of the company and 612,500 restricted shares, which will vest at an annual rate of 33.3 percent over three years if he’s still employed. The options will have a term of seven years and will vest based on his service and company performance, although a quarter of those shares, or 1.25 million, will vest after one year regardless of performance.
If Fishman is fired or resigns as a result of “constructive termination,” he’ll receive a golden parachute within 10 days, worth 2.5 times his current base salary and his annual bonus of the preceding year.
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