SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Technology Stocks : John, Mike & Tom's Wild World of Stocks
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: John Pitera who wrote (2591)11/13/2001 12:10:54 PM
From: John Pitera  Read Replies (1) of 2850
 
ENE--Enron CEO -2: Also To Get Reimbursed For Tax Penalties

November 13, 2001

WASHINGTON -- 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
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News