Fun_People Archive
10 Apr
Don't forget to read before you sign (e.g. a proxy)

Date: Sat, 10 Apr 93 12:29:08 PDT
To: Fun_People
Subject: Don't forget to read before you sign (e.g. a proxy)

 From: <pep@research.att.com>
 From: stern@sunne.East.Sun.COM (Hal Stern)
 Subject: a $500,000,000 cookie jar

  From the IBM Supplemental Proxy statement:
  Louis Gerstner, the new IBM CEO, is scheduled to receive a minimum
  salary of $2,000,000, with an incentive bonus of $1.5M, of which
  1.125M is assured.  he also gets 500,000 options at $50/share,
  and $5,000,000 to cover benefits he lost when leaving RJR/Nabisco.
[ Lost benefits?  Now he has to *buy* his Oreos. - pep]

and they think this will help the company turn around.  if i were
big lou, i'd pay my lawyers *A LOT* for that agreement.  

© 1993 Peter Langston