Simon pays

8 July 2011 By Robert Cyran Follow @rob_cyran

Simon Property is giving boss David Simon shares worth $120 mln to stick around till 2019. The giant U.S. mall owner started by his father and uncle has rebounded well from the recession. But Simon already has a fat compensation deal. Executives don’t deserve bonuses to show up.

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The board of Simon Property Group , the largest owner of U.S. malls and outlet centers, has agreed to award Chief Executive David Simon 1 million shares in a retention package to stay with the company for eight more years. The value of the equity is currently about $120 million and vests starting in six years.

If Simon is terminated without cause or resigns with "good reason" before July 2013, half the shares immediately vest. After that date, all the shares would immediately vest if he leaves. Simon is also entitled to an annual salary, bonus and the company's existing longterm incentive plan.

The total value of his compensation last year was $24.6 million.

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