Wells Fargo & Co. chief executive John Stumpf received $17.6 million in total compensation in 2010, an amount that could grow or shrink depending on company performance.
The total includes an $11 million grant of performance-based shares that will vest in 2013 if the company meets certain conditions, according to a proxy filing Monday. The value of the grant could increase or decrease depending on how the company fares, with the maximum value reaching about $16.5 million.
Stumpf also brought home a $3.2 million salary, a $3.3 million bonus and $28,500 in other compensation. Part of the bonus was paid in "restricted share rights" that will vest in three annual installments.
Stumpf's total 2010 compensation was down from about $18.8 million in 2009 because he received a smaller salary and stock grant.
Howard Atkins, the former chief financial officer who announced his surprise retirement this year, received total 2010 compensation of $9.8 million, including $676,000 from exercising stock options. The Observer counts actual proceeds from exercising options to buy company stock, but not the estimated value of options at the grant date.
Atkins will also bring with him substantial retirement benefits and stock holdings. The latest calculation of his deferred compensation and pension benefits totaled about $11.3 million, according to the proxy.
He also owns common stock and common stock units worth $11.8 million at Monday's closing stock price of $31.88. In addition, he has restricted stock rights and performance shares worth $16.9 million at the latest close. This total includes shares counted in his 2010 compensation. The shares' worth will ultimately depend on market value at vesting, and the actual number of performance shares issued can increase or decrease based on how the company does.
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