Capital One Chairman and CEO Richard Fairbank will receive a one-time award worth about $30 million in connection with the McLean, Va., company’s purchase of Discover Financial Services.
Capital One’s compensation committee granted Fairbank 153,351 restricted stock units that should vest in five years. The settlement will be evenly split between cash and stock based on the company’s average stock price over the 15 days ahead of vesting.
Fairbank isn’t alone.
Matt Cooper, Capital One’s general counsel and president of the Discover integration, will receive a roughly $5.5 million award from 28,115 restricted stock units. Andrew Young, Capital One’s chief financial officer, was granted a roughly $3 million award from 15,336 restricted stock units.
Sanjiv Yajnik, Capital One’s president of financial services, and Frank LaPrade, chief enterprise services officer and Fairbank’s chief of staff, will receive roughly $2.5 million from 12,780 restricted stock units.
The awards for Cooper, Young, Yajnik and LaPrade are set to vest in three years.