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Eisner’s $ 200 mil stock option a mighty pluck

Michael Eisner didn’t get a bonus in Walt Disney Co.’s most recent fiscal year, but the chairman and CEO of the company walked away with more than $ 200 million nonetheless.

Cashing out

In its annual proxy statement mailed to shareholders Monday, Disney disclosed the amount of money Eisner netted from his exercising a stock option late in 1992.

At the time, Eisner said he cashed out the options, which he accumulated during his Disney tenure, over concerns that a newly elected President Clinton would increase taxes on the wealthy.

For the fiscal year that ended Sept. 30, Eisner realized $ 202.3 million from cashing out stock options.

That figure is the difference between the price Eisner bought the options for and the amount they were worth at the time.

No bonus

Eisner received no bonus on top of his $ 750,000 in base salary. Disney annual earnings were down 63% to $ 299.8 million.

Those scant results left Disney’s performance far short of the mark at which Eisner’s bonus would kick in. Frank Wells, Disney’s president and chief operating officer, was paid $ 400,000, but also received no bonus.

In the previous fiscal year, after Disney posted stellar numbers, Eisner got a $ 6.7 million bonus and Wells received $ 3.3 million.

Eisner currently holds 8 million Disney stock options, half of which he could currently exercise. The total value of those options, as of Sept. 30, when Disney’s stock was trading at $ 37.94, was $ 161.4 million.

Litvack next highest

After Eisner, the next best-paid Disney exec for the fiscal year was exec v.p. Sanford M. Litvack, who was paid $ 500,000 in base salary and another $ 375 ,000 bonus. Roy Disney, vice chairman and the company’s largest shareholder, received $ 350,000 in base pay and a $ 450,000 bonus.

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