Wall Street bank Lehman Brothers has said that it intends to pay its chief executive an extra $186 million over the next ten years in the form of stock awards.
According to a recent filing with regulators, Lehman intends to give its CEO Richard Fuld ten annual installments of 246,395 shares between 2007 and 2016, provided he remains with the firm in that time.
This equates to around $186 million based on Lehman's share price of $75.38 at Monday's close.
The announcement marks a change in the terms of the stock grants, the December 1st filing reveals, with Mr Fuld originally being offered the 2.5 million shares in the event of Lehman being sold.
Mr Fuld has been at the head of Lehman for 12 years, since the firm departed from American Express Company in 1994.
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