Countrywide Awards "Retention Grants"
In a form filed after the bell with the SEC, Countrywide says its board has decided to award "retention grants" to all executive officers except CEO Angelo Mozilo.
President and COO David Sambol is to receive a $1.9 million payment on March 15, along with 335,000 shares of "restricted stock units."
Chief Financial Officer Eric Sieracki will receive a $1.5 million payment and nearly 150,000 restricted stock units.
The head of capital markets, Ranjit Kripalani, gets $2.5 million and 112,000 restricted stock units. And the head of banking and insurance, Carlos Garcia, will receive $1.45 million, and nearly 150,000 restricted stock unit. Imagine what they’d make if the company was doing well!
The filing also says that if the deal goes bad, Countrywide would have to pay Bank of America a $160 million termination fee.
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