Senior executives at TMX Group Inc. are potentially in line for a lot more money thanks to the company's plan to be taken over by a group of banks and investors known as Maple.
In a filing, TMX laid out the payouts made to senior executives to keep them around through the merger process, and some payments to compensate them if they are tossed overboard after the deal closes.
Tom Kloet, TMX's chief executive officer, received total compensation of $4.7-million last year, up from $3-million the year before. Most of the raise came from a $1.4-million grant of deferred stock units as part of a retention plan put in place when TMX unveiled its ill-fated plan to merge with London Stock Exchange Group PLC. When that deal fell apart, and TMX decided to instead combine with Maple, the plan was kept in place. Mr. Kloet will get the payout for the stock if he sticks around until early 2014.
In addition, Mr. Kloet got a $75,000 payment for the “significant corporate development” work he did in 2011.
Chief finance officer Michael Ptasznik got a $350,000 retention bonus in deferred stock units and a $150,000 special bonus for corporate development work. (He's been one of the point men for the company on its merger plans.) That helped boost his total compensation to about $1.6-million from $1.1-million.
Kevan Cowan, who heads the equity business at TMX, information technology head Brenda Hoffman and chief legal officer Sharon Pel also got retention bonuses ranging from $300,000 to $340,000.
On top of that, the company put in place golden parachutes for two senior executives. Mr. Ptasznick will get $1.05-million if he is terminated without cause in the two years after Maple takes up TMX shares. Ms. Pel, would get $1.27-million.
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