The Mother of All Stock Option Plans.NEW YORK--(BUSINESS WIRE)--Nov. 12, 1998--Bountiful compensation in the executive suite these days is routine. But when it comes to treating top execs like kings, Conseco Conseco (NYSE: CNO), originally Security Life of Indiana, is a financial services organization based in Carmel, Indiana. Conseco's insurance subsidiaries provide life insurance, annuity and supplemental health insurance products to more than 4 million customers in the Inc. could teach senior officers some new tricks. The most dramatic perk perk 1 v. perked, perk·ing, perks v.intr. 1. To stick up or jut out: dogs' ears that perk. 2. To carry oneself in a lively and jaunty manner. at Conseco is an exceptionally lavish stock option program -- never seen before by most compensation experts -- which kicks in when there is a change of control. The company would buy out these exec's options as if they were stock. In other words Adv. 1. in other words - otherwise stated; "in other words, we are broke" put differently , if the company were taken over at the current price of 33, the execs would get $33 for each option. This would increase their value by tens of millions of dollars. If a buyout Buyout The purchase of a company or a controlling interest of a corporation's shares. Notes: A leveraged buyout is accomplished with borrowed money or by issuing more stock. deal went through, the three highest-ranking execs (all of whom sit on the board of directors) would get five times their annual salaries as well as five times their annual bonuses -- altogether more than $590 million or 6% of the company's market cap. |
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