How do you like these apples?
-----Original Message-----
From:
john.lohman@bakerhughes.com [mailto:
john.lohman@bakerhughes.com]
Sent: Tuesday, November 13, 2001 10:34 AM
To:
tlohman@enron.comSubject: An article from CBS.MarketWatch.com
This story was sent to you by
john.lohman@bakerhughes.com with these comments:
just saw this. HUN
From CBS.MarketWatch.com, online at:
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11:02 AM ET Nov 13, 2001 Latest Market Overview <
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Enron's Lay could get $80M from deal
By Leticia Williams, CBS.MarketWatch.com Newswatch <
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WASHINGTON (CBS.MW) -- As Enron and Dynegy await approval from regulators on the companies' proposed $9 billion merger, Enron Chief Executive Kenneth Lay finds himself in an enviable position.
Lay's employment agreement with Enron, which is set to expire Dec. 31, 2005, allows the executive to terminate his employment with the company 60 days prior to the Dynegy merger and receive a lump-sum payment of up to $80.8 million, according to a regulatory filing Tuesday.
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According to the terms of the employment contract, if Lay quits before a change of control at the company, he is entitled to a lump sum payment equal to the number of years left in his contract multiplied by $20.2 million.
The agreement also allots an amount to Lay for any tax-related penalties if the lump-sum payment is held to constitute an "excess parachute payment," according to the Securities and Exchange Commission filing.
Lay's original employment agreement with Enron was amended in August when he became CEO after Jeff Skilling resigned.
Enron's ( ENE <
http://cbs.marketwatch.com/tools/quotes/detail.asp?view=detail&;symb=ENE<) shares fell 4 cents to $9.20 in recent trading.
Leticia Williams is a reporter for CBS.MarketWatch.com in Washington.
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11:34 am ET Nov 13, 2001
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10Yr <
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