Robert Nardelli, who resigned as chairman, president, and chief executive officer of The Home Depot in January, earned $134.5 million last year. His total severance package has been valued at $210 million.
According to the company’s 2006 proxy, filed Friday, last year Nardelli received a $2.3 million salary, a $3 million bonus, and a $3 million long-term incentive plan payout for 2004 through 2006. He received $16.3 million in stock grants, $15.9 million of which is the compensation expense for restricted shares, and $6.4 million in options awards.
The bulk of Nardelli’s 2006 compensation, more than $100 million, falls in the category of “all other compensation” related to his termination.
This includes more than $55 million for the equity compensation expense recognized by the company last year for the accelerated vesting of option and stock awards. Another $565,984 in dividend equivalents payable on deferred stock awards will be distributed in July.
Nardelli also received $20 million attributed to a severance payment, plus an additional $18 million severance payable over four years in exchange for his agreement not to compete with the company.
He also received more than $1.3 million in health benefits, which will continue to cover him through January 2010, $648,000 in security, $305,000 in tax reimbursements, $246,000 worth of life insurance, $169,000 attributed to use of the company’s airplane, and $50,000 in legal fees.