Yes, Corzine's contract says he's eligible for a $12 million package if he leaves the firm but recent events will make it slightly more difficult for him to collect that check on the way out.
As part of Corzine's employment contract detailed in a March proxy filing, he's entitled to the money unless he leaves the firm "for cause," which usually means getting fired for doing something illegal, said Aaron Boyd, an analyst at the executive compensation data firm Equilar. It wouldn't normally include things like, say, running the firm into the ground by borrowing huge amounts of money to bet on risky European assets, which is what happened at MF Global. Still, if Corzine decides to leave the company, his severance package would become part of the over $2 billion in unsecured debt the company owes its creditors. "He's at the bottom of the pile," said Brian Foley, who runs an executive compensation consultancy in White Plains, NY. "His severance rights are basically worthless."