FleetBoston Financial Corp. Chief
Executive Officer Charles “Chad” Gifford may receive as much as
$19 million about a year after Bank of America Corp. takes over
the Boston’s biggest bank, the Boston Herald reported, citing
agreements in regulatory filings.
Gifford has said he wouldn’t receive any kind of “change of
control” bonus for selling to Bank of America in a $47 billion
transaction, which will form the United States’ second-biggest bank.
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Still, once the agreement closes, limits on Gifford’s
restricted stock and other executive would immediately end,
according to Fleet’s “change of control” policies cited in a
Thursday filing with the U.S. Securities and Exchange Commission
from Bank of America, the Herald said.
That may mean Gifford, who will be chairman of the new bank,
could receive a cash payout of $9.5 million plus stock valued at
an additional $9.5 million based on Fleet’s closing stock price
and Fleet’s proxy statement, the Herald said. Fleet
representatives didn’t answer questions about the compensation
agreements, the Herald said.
Bloomberg News
