Henrique de Castro will receive a $US20 million restricted stock bonus after working at Yahoo as its COO for a little more than a year.
That comes on top of $US39.2 million he earned in 2012, in cash and stock after he first joined the company, according to a filing with the SEC.
When de Castro left Google to join Yahoo in October 2012, he negotiated a pay package worth $US62 million over four years, with $US36 million of that coming in stock awards over three years.
Now that he is leaving, he is entitled to “the severance benefits provided for in his Employment Offer Letter,” Yahoo says. Those benefits, according to the letter, include:
- All his existing stock vests at once: “… the RSUs that would have vested within 12 months after such termination shall immediately vest, and the Stock Options that would have vested in the 12 months following termination of employment if the applicable performance criteria were satisfied, shall remain subject to satisfaction of the performance criteria and, if such criteria are satisfied, vest as if you were employed on such vesting date.”
- Plus $US20 million in stock: “You will be granted an additional award of restricted stock units with a target valuation of $US20,000,000 (“Make-Whole RSUs”).”
De Castro worked for Yahoo for exactly 15 months.
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