Lots of CEOs get big pay packages, but few get their compensation yanked away after its dangled in from of them. That’s exactly what happened to the CEO William Lynch of bookseller chain Barnes & Noble (NYSE:BKS), though. The company granted him 1 million stock options, then retracted half of them.
Why the tease? Apparently, by issuing the options, Barnes & Noble had broken its own rules on how many options it can grant an employee in a three-year period.
Shareholders could vote to allow Lynch to keep the retracted options, Reuters reports, but a verdict won’t be in until September.
With the original options amount, Lynch would have been bringing home over $15 million in 2012 — nearly 10 times the amount he made the year before. With the new number, though, that figure drops to $10 million.
-Alyssa Oursler, InvestorPlace Editorial Assistant