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Enron Mail |
Sure sounds to me that Ken is in the same shoes as the rest of us regarding the downfall of ENE.
What do you think???????????????????????? Wouldn't you think the honorable thing would be to refuse any compensation knowing your terrible performance? I'm sorry! I forgot honorable is not an Enron admirable trait! The wording of "If he terminates his employment within 60 days of a change of control" sure sounds to me like someone knew what was going on to me? I guess we should have kept in mind the 2nd definition of LAY in the dictionary is "To put to rest" -----Original Message----- From: Schwieger, Jim Sent: Tuesday, November 13, 2001 9:14 AM To: Schwieger, Jim Subject: FW: -- DJ Enron CEO -2: Also To Get Reimbursed For Tax Penalties -- DJ Enron CEO -2: Also To Get Reimbursed For Tax Penalties -- WASHINGTON (Dow Jones)--Enron Corp. (ENE) Chief Executive Kenneth Lay could receive a lump sum payment as much as $80 million as a result of Dynegy Inc.'s (DYN) plan to acquire Enron, according to a regulatory filing released Tuesday by the Securities and Exchange Commission. Under Lay's employment agreement, which originally extended through Dec. 31, 2003, Lay was entitled to a lump sum payment equal to the number of full calendar years remaining under his contract multiplied by $20.2 million if he terminated his employment within 60 days of a change of control. In August, Lay, chairman of Enron, resumed his position as CEO following the resignation of Jeffrey K. Skilling, Enron's then-president and CEO. At that time, his contract was extended to Dec. 31, 2005. In addition to the lump sum payment, Lay is entitled to an amount for any related tax penalties if the payment were held to constitute an "excess parachute payment," according to the filing. Dynegy plans to acquire Enron in a stock swap valued around $10.12 billion. The deal is expected to close sometime next year, in which case Lay is entitled to $60.6 million under his contract if he terminates his employment within the 60 days. Houston-based Enron is a utilities and communications company. -Dan Lowrey; Dow Jones Newswires; 202-393-7402; dan.lowrey@dowjones.com (END) Dow Jones Newswires 13-11-01 1428GMT(AP-DJ-11-13-01 1428GMT) Symbols: US;DYN US;ENE 13-Nov-2001 14:28:54 GMT Source DJES - Dow Jones Energy Service Categories: I/ELC I/GAS I/UES I/XISL N/CNW N/DJWI N/DPG N/LNG N/NRG N/WEI M/NND M/UTI P/NRG R/NAPW R/NERC R/NME R/TX R/US R/USS MST/I/ELC MST/I/GAS MST/I MST/N/LNG MST/R/NME MST/R/US/TX MST/R/US
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