EISNER PUT IN `GOLDEN HANDCUFFS'.Byline: E. Scott Reckard Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co. extended Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Eisner's contract for eight years ``to tie Michael up for the rest of his career,'' says a board member who helped write the Disney Dis·ney , Walter Elias Known as "Walt." 1901-1966. American animator, showman, and film producer. Noted for his creation of the cartoon characters Mickey Mouse and Donald Duck, he produced the first animated film with sound, chairman's original contract in 1984. To ensure he'll stick around, the contract hands Eisner 8 million stock options that Disney values at $195 million. But Eisner, 54, can't start collecting on them for nearly seven years. The contract amounts to ``huge golden handcuffs Golden Handcuffs An incentive given to existing employees in hopes that they will decide to stay with the company. Notes: Employee stock options are an example of golden handcuffs. ,'' said Disney director Raymond L. Watson, himself a former chairman of the company. ``If he leaves prior to (September) 2003, he loses all his options.'' Watson spoke late Thursday, after the company disclosed Eisner's new deal from what the Hollywood trade papers call the Mouse House. Eisner's annual base pay stays at $750,000, its level since he was hired. He'll hit the jackpot, though, if a rising stock price makes all shareholders love their Magic Kingdom. That's the same bet that paid off in earlier contracts, making Eisner one of the wealthiest Americans. Since Eisner was hired, Disney stock has risen three times faster than the Standard & Poors 500 index of large company stocks. Watson said the recent acquisition of the ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. network and the rest of the Capital Cities/ABC media empire had created a Walt Disney so complex that consistent management was essential. Eisner has made his share of mistakes, Watson said, but on balance has proved an outstanding executive. ``We wanted to tie Michael up for the rest of his career,'' he said. |
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