Levin Leaves A Wealthy Man
By MIKE FARRELL -- Multichannel News, 12/9/2001 7:00:00 PM
AOL Time Warner Inc. CEO Gerald Levin will have ample opportunity to contribute to philanthropic causes after he retires from the company in May, with a fortune of more than $600 million.
According to Securities and Exchange Commission filings, Levin's compensation totaled more than $163 million last year alone: a $1 million salary, a $10 million bonus and exercised stock options worth $152.6 million.
According to SEC documents, Levin also holds 2.65 million shares of AOL Time Warner stock valued at about $92 million and options for another 9.1 million shares worth $315 million, based on last Thursday's close of $34.75 per share.
Levin also would receive the proceeds from a trust AOL Time Warner has set up for him — called the Rabbi Trust in SEC documents — valued at about $30 million.
In addition, when he retires Levin is entitled to an annual pension of $365,000; will receive a life insurance policy worth $6 million; and will retain all of his health benefits.
Levin also could sign on as an advisor to AOL Time Warner for $1 million a year.
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