Eric Cantor’s Wall Street Buddy Just Gave Him a Job. Guess How Many Millions of Dollars He’s Getting Paid.
Cantor’s services don’t come cheap, as Moelis’ Securities and Exchange Commission filing reveals:
All told, Cantor will get a $400,000 annual salary, $1.4 million in signing bonuses and a minimum of $1.6 million in “incentive compensation”: $3.4 million for his “judgment and experience.”
UPDATE: Niger Innis, the executive director of TheTeaParty.net, had this to say in an emailed statement:
Eric Cantor is now cashing in on his government service in the most unseemly of ways. This is the nexus of Wall Street and Washington at its worst, the two colluding for inside information, subsidies and rent-seeking carve-outs that come at the expense of the middle class. What we had only once suspected of Eric Cantor is now confirmed.
Cantor’s services don’t come cheap, as Moelis’ Securities and Exchange Commission filing reveals:
Mr. Cantor will also serve as Vice Chairman and Managing Director of Moelis & Company Group LP (“Group LP”) pursuant to an employment agreement. Either Group LP or Mr. Cantor may terminate the agreement at any time with or without cause.
Group LP has agreed to pay Mr. Cantor an annual base salary of $400,000. Group LP has also agreed to pay Mr. Cantor an initial cash amount of $400,000 and grant Mr. Cantor $1,000,000 in initial restricted stock units (“RSUs”), based on the average closing price of the Company’s common stock on the five trading days prior to his start date. The initial RSUs will generally vest in equal installments on each of the third, fourth and fifth anniversaries of his start date.
For calendar year 2015, Group LP has agreed to pay Mr. Cantor minimum incentive compensation of $1,200,000 in cash and $400,000 in incentive RSUs, payable in equal quarterly installments. The incentive RSUs will generally have the same vesting schedule as incentive RSUs granted to Group LP’s other Managing Directors.
Group LP has agreed to pay Mr. Cantor an annual base salary of $400,000. Group LP has also agreed to pay Mr. Cantor an initial cash amount of $400,000 and grant Mr. Cantor $1,000,000 in initial restricted stock units (“RSUs”), based on the average closing price of the Company’s common stock on the five trading days prior to his start date. The initial RSUs will generally vest in equal installments on each of the third, fourth and fifth anniversaries of his start date.
For calendar year 2015, Group LP has agreed to pay Mr. Cantor minimum incentive compensation of $1,200,000 in cash and $400,000 in incentive RSUs, payable in equal quarterly installments. The incentive RSUs will generally have the same vesting schedule as incentive RSUs granted to Group LP’s other Managing Directors.
All told, Cantor will get a $400,000 annual salary, $1.4 million in signing bonuses and a minimum of $1.6 million in “incentive compensation”: $3.4 million for his “judgment and experience.”
UPDATE: Niger Innis, the executive director of TheTeaParty.net, had this to say in an emailed statement:
Eric Cantor is now cashing in on his government service in the most unseemly of ways. This is the nexus of Wall Street and Washington at its worst, the two colluding for inside information, subsidies and rent-seeking carve-outs that come at the expense of the middle class. What we had only once suspected of Eric Cantor is now confirmed.
