William McGuire to give up 9.2 million shares in stock-option settlement
By Russ Britt, MarketWatch
LOS ANGELES (MarketWatch) -- Former UnitedHealth Group Chairman and Chief Executive William McGuire, a key figure in recent controversies over backdated stock options, will surrender $600 million in benefits as part of a settlement in the case against the health-insurance giant, officials said Thursday.
McGuire will surrender more than 9.2 million shares of options, according to written statements issued both by the company and a Minnesota special-litigation panel, Former general counsel David Lubben will give up roughly $30 million in stock-option compensation as well, according to terms reached with the panel.
McGuire's surrender of stock options is valued at $320 million. He also gives up his interest in the company's supplemental executive-retirement plan, worth $91 million, as well as the $8 million in his executive-savings plan.
In addition, McGuire relinquishes claims to other post-employment benefits, according to the deal. Including previous relinquishments of stock options, the former executive will turn over about $600 million in total compensation.
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