Anthony P. Terracciano will get a three-year pay package worth more than $10 million in cash and stock options as the newly appointed chairman of Dime Bancorp.
According to a filing Tuesday with the Securities and Exchange Commission, Mr. Terracciano will get at least $600,000 in annual salary.
In addition, he was awarded options to buy 500,000 shares of Dime stock at a price of $17.0625 - worth a total of about $8.5 million - and he was granted the right to buy 200,000 shares of restricted stock. Dime shares closed at $16.6875. Mr. Terracciano is also to get other perks, including a car and a driver, according to the SEC filing.
Mr. Terracciano was brought into Dime as part of an agreement between the New York thrift and Warburg Pincus Equity Partners, a New York private equity firm that injected $238 million into Dime.