Jeffrey Mezger, chief executive of home builder KB Home (KBH.N: Quote, Profile, Research) was awarded a cash bonus of $6 million in 2007 on top of his annual base salary of $1 million, according to a regulatory filing on Wednesday, Reuters reports.
His total compensation came to about $24.4 million, including $16 million in restricted stock and "phantom" shares granted in 2007 that will vest in the future as part of a long-term incentive plan, according to the filing with the Securities and Exchange Commission. Phantom shares are securities that act like stock but aren't technically shares.
A portion of the long-term incentive plan is attributed to awards that would have been made in October 2006 but were delayed until July 2007.
The board's audit committee in 2006 set a blackout on awards while it investigated past practices of granting options, according to two SEC filings. The review, which ended in November 2006, culminated with the departure of the chairman and CEO, Bruce Karatz. Mezger succeeded Karatz.
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