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CARTERET, N.J. -- In a filing with the Securities and Exchange Commission, Pathmark Stores, Inc., based here, said last week that new c.e.o. John Standley, who starts his job today, will receive a base salary of $900,000 a year.
Standley will additionally receive a target annual bonus equal to 100 percent of his salary and a $335,000 signing bonus, the filing said.
His inagural three-year stint as c.e.o. is set to renew automatically for one-year periods unless either Standley or Pathmark opts out at least 180 days before a term ends. Additionally, Standley was granted choice of purchasing 1.5 million shares of the regional grocer's common stock at an exercise price of $10.39, which was the closing price of the shares on the grant date of Aug. 23, and he was given 500,000 restricted shares of the company's common stock.