December 5, 2005 8:18 AM PST
Novell CTO gets lucrative pay package
Jeffrey Jaffe, named Novell chief technology officer in November, stands to make at least $1.65 million in cash during his first year working at the server software company, Novell disclosed in a regulatory filing Friday. Jaffe will be paid a salary of $450,000; a minimum bonus of $225,000 that could be as high as $450,000; a $300,000 signing bonus, $600,000 if he stays for a full year; and $75,000 relocation expenses to move to Waltham, Mass., where Novell is headquartered.
In addition, Jaffe got 300,000 stock options with a $7.93 exercise price--200,000 of which are dependent on meeting certain performance goals--and the right to purchase 100,000 restricted shares at 10 cents apiece. And under his severance agreement, Jaffe will get 1.5 times his salary; a prorated bonus; accelerated vesting of stock options and restricted stock; and financial help of up to a fifth his salary to get a new job.
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