Merrill Lynch & Co. Inc.'s chief executive officer, John Thain, who received $15 million when he joined the brokerage in December, may get as much as $5.22 million more if a takeover by Bank of America Corp. is completed this year.
The so-called change-of-control award would reflects the cash value of Mr. Thain's stock-based compensation at Merrill, B of A said in a proxy filing this week with the Securities and Exchange Commission.
B of A has said Mr. Thain, 53, would head its global banking, securities, and wealth management operations after the purchase. — Bloomberg News
