Industry ban, shmidunstry ban! Big Phil’s gonna get paid.
Harbinger Group Inc Chairman and Chief Executive Philip Falcone’s bonus for the current fiscal year could reach $20 million, according to a filing with the Securities and Exchange Commission. Mr. Falcone will receive an annual salary of $500,000 and is eligible for an annual individual bonus of as much as $750,000, according to the filing. The potential $20 million in bonuses would be based on the company’s corporate results for the fiscal year ending Sept. 30, 2014. Mr. Falcone didn’t receive any compensation from Harbinger Group beyond minor perquisites in the previous fiscal year, according to the filing. The firm’s compensation committee “is also negotiating the terms and conditions of an employment agreement with Mr. Falcone and anticipates granting Mr. Falcone an initial equity award,” the filing said.