Do you think his health plan will be an HMO? :TRUCE:The contract shows that if Grasso left for good reason or was involuntarily dismissed, he would be entitled to receive his annual $1.4 million salary and $1 million bonus through his May 2007 contract expiration.
Foley estimated the value of these payments at about $8.5 million. “It’s not unusual for CEOs to get two to three years of salary and bonus as severance,” he said. “His severance is (also) not what it could have been had his bonuses been calculated based on his prior years’ average bonus.”
The contract also shows that Grasso, 57, would be entitled to $28.6 million of supplemental retirement benefits, $12.1 million of payments tied to his age and a $5 million retention payment. He would also get free health care for life.