Pathmark to Pay New C.E.O. Base of $900K
CARTERET, N.J. -- In a filing with the Securities and Exchange Commission, Pathmark Stores, Inc., based here, said last week that new c.e.o. John Standley, who starts his job today, will receive a base salary of $900,000 a year.
Standley will additionally receive a target annual bonus equal to 100 percent of his salary and a $335,000 signing bonus, the filing said.
His inagural three-year stint as c.e.o. is set to renew automatically for one-year periods unless either Standley or Pathmark opts out at least 180 days before a term ends. Additionally, Standley was granted choice of purchasing 1.5 million shares of the regional grocer's common stock at an exercise price of $10.39, which was the closing price of the shares on the grant date of Aug. 23, and he was given 500,000 restricted shares of the company's common stock.
Standley will additionally receive a target annual bonus equal to 100 percent of his salary and a $335,000 signing bonus, the filing said.
His inagural three-year stint as c.e.o. is set to renew automatically for one-year periods unless either Standley or Pathmark opts out at least 180 days before a term ends. Additionally, Standley was granted choice of purchasing 1.5 million shares of the regional grocer's common stock at an exercise price of $10.39, which was the closing price of the shares on the grant date of Aug. 23, and he was given 500,000 restricted shares of the company's common stock.