Late Monday night it was reported that former House Majority Leader Eric Cantor would take a job at investment bank Moelis.
The news has already prompted the predictable eye-rolling about the “revolving door.” And to the Tea Partiers who ousted Cantor in a primary earlier this year, the news that he is going to Wall Street is vindication that he was never a populist like them.
From the filing:
Group LP has agreed to pay Mr. Cantor an annual base salary of $400,000. Group LP has also agreed to pay Mr. Cantor an initial cash amount of $US400,000 and grant Mr. Cantor $US1,000,000 in initial restricted stock units (“RSUs”), based on the average closing price of the Company’s common stock on the five trading days prior to his start date. The initial RSUs will generally vest in equal installments on each of the third, fourth and fifth anniversaries of his start date. For calendar year 2015, Group LP has agreed to pay Mr. Cantor minimum incentive compensation of $1,200,000 in cash and $US400,000 in incentive RSUs, payable in equal quarterly installments. The incentive RSUs will generally have the same vesting schedule as incentive RSUs granted to Group LP’s other Managing Directors.
So he’ll have a base salary of $US400,000 for this year and next. Add in $US1.4 million in signing bonuses this year, and $US1.6 million in incentive compensation next year, and Cantor is looking at a cool $US3.4 million.
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