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Monday, August 23, 2010

Citadel CEO Farid Suleman is living well, now and into retirement

From today’s TRI Newsletter: Friday’s one-person “executive retirement program” filed at the SEC comes on the heels of Citadel’s 2010 Equity Incentive Program that mostly incentivizes the CEO, Suleman. He would make as much as an additional $43 million if he stays through the vesting of all his shares under this new program, until June 3, 2012. Suleman gets a total of 1.9 million shares, while his #2, COO Judy Ellis, gets 100,000 shares. Under the stock incentive program, CFO Randy Taylor and General Counsel Jacquelyn Orr each get 80,000 shares. As for the just-filed executive retirement program: it pays Suleman a lump sum cash payment when he hits age 65. There’s also a formula for determining his retirement payout in cash if there’s a “separation of service” before then.

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