New Yahoo CEO Gets Compensation Package With 2012 Target Value of $27 Million
NEW YORK - New Yahoo CEO Scott Thompson will receive an annual base salary of $1 million and a bonus with a target amount of $2 million as part of a compensation package that has a target value of $27 million in 2012.
In a regulatory filing late Friday, the online company said that he is guaranteed at least 50 percent of his 2012 target bonus, but the final amount will be determined by its board's compensation committee based on Yahoo's financial performance.
The filing also disclosed that Yahoo is paying the former PayPal president $1.5 million cash bonus for the forfeiture of a cash bonus and equity awards from his previous employer. The new CEO will also get make-whole restricted stock units worth $6.5 million.
In addition, Thompson is also be eligible for annual equity grants, with the 2012 target value for those grants being $11 million, according to the filing. Plus, he will receive a one-time inducement grant worth $5 million, it said.
His employment agreement "does not have a specified term, and Mr. Thompson’s employment with the company will be on an at-will basis,'" according to the filing.