Lloyd Blankfein, chief executive of Goldman Sachs Group Inc., received restricted stock worth $14.7-million (U.S.) this week as part of his 2013 bonus, Goldman reported in a regulatory filing on Thursday.
Goldman’s board of directors typically awards executives 70 per cent of their bonus in stock and 30 per cent in cash, suggesting that Blankfein also received a roughly $6.3-million cash bonus. Goldman does not disclose the full details of executives’ pay packages until it files its proxy statement.
The restricted stock bonus of 88,422 shares awarded to Blankfein is worth $14.7-million, based on Goldman’s closing price of $166.25 on Tuesday, when Goldman said it granted the award.
Combined with a salary of about $2-million, Blankfein’s total pay package for last year was roughly $23-million, up about 10 per cent from the $21-million he received for 2012.
The restricted stock units are delivered in three equal instalments over three years, and generally cannot be sold for five years, Goldman said in a Form 4 filing with the U.S. Securities and Exchange Commission.