What happened top the rest of Hunter Harrison's compensation package after his death?

[CandOforprogress2]

Would it be pro-rated? Found this tud-bit could shed some light from a SEC Filing-

. Termination Payments and Benefits.

 

1.1

Death or Permanent Disability. In the event of a Separation from Service due to death, or in the event of a Separation from Service within 30 days following a determination of Permanent Disability (as defined in Section 2) of the Executive, then as soon as practicable or within the period required by law, but in no event later than 30 days after Separation from Service, the Corporation shall pay any (a) accrued and unpaid Base Salary (as defined in Section 2) and vacation to which the Executive was entitled as of the effective date of termination of the Executive’s employment with the Corporation (collectively, the “Compensation Payments”) and (b) the target annual incentive (at $1.00 per unit) under the Corporation’s Management Incentive Compensation Program (or any successor plan) for the fiscal year in which the date of death or the determination of Permanent Disability occurs, prorated for the actual period of service for that fiscal year (the “Prorated Bonus”). Notwithstanding the foregoing, if the Executive has elected to defer under the Corporation’s Mirror Savings Plan (or any successor plan) a portion of the annual incentive to be paid under the Corporation’s Management Incentive Compensation Program for the fiscal year, then that portion of the Prorated Bonus will be deferred and paid in accordance with the terms of the Corporation’s Mirror Savings Plan, and the remaining portion of the Prorated Bonus will be paid in a lump sum under this Section. The payment of any death benefits or disability benefits under any employee benefit or compensation plan that is maintained by the Corporation for the Executive’s benefit shall be governed by the terms of such plan.

[Paul_D_North_Jr]

(a) accrued and unpaid Base Salary (as defined in Section 2) 

Well, had it "accrued" yet, under the terms of his contract? 

the target annual incentive . . . for the fiscal year in which the date of death . . . occurs, prorated for the actual period of service for that fiscal year

Pretty tough to do that within 30 days of death, if they have to wait until the end of that fiscal year to know the amount . . .  

Thanks anyway for digging that out and posting it.  

- PDN.

[Overmod]

None of this language refers in any way to the $84 million, if that was the question.  

Will be interesting to see what else gets awarded.  But I wonder if it will be publicized?

 

[Murphy Siding]

euclid got it. Or did he?

[CandOforprogress2]

DEFINITION of 'Golden Coffin'

A lucrative death-benefit policy given to top executives. A golden coffin is a death-benefit package awarded to the heirs of high ranking executives who die while still employed with a company. Benefits awarded can include unearned salary, accelerated stock options and insurance proceeds.

BREAKING DOWN 'Golden Coffin'

Golden coffins have come under fire as an inappropriate and uneccesary faction of executive compensation. Proponents of golden coffins however claim that such death benefit packages are rarely paid out and act as inexpensive way to keep top executives and discourage unwanted takeover attempts.

http://fortune.com/2015/08/20/ceo-life-insurance/
Read more: Golden Coffin https://www.investopedia.com/terms/g/golden-coffin.asp#ixzz55ce1Mjo8 
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[JustWonderin']

It appears to me like the basic and incentive compensation is prorated, but the last two sentences refer to plans that have separate rules, so it's hard to know the full picture from this piece of the contract.

[Semper Vaporo]

CandOforprogress2

DEFINITION of 'Golden Coffin'

A lucrative death-benefit policy given to top executives. A golden coffin is a death-benefit package awarded to the heirs of high ranking executives who die while still employed with a company. Benefits awarded can include unearned salary, accelerated stock options and insurance proceeds.

{snip}

That one sentence in red above looks like a reason for relatives to bump the CEO off before he can retire!

[switch7frg]

The Golden Coffin ----- Is that akin to the Golden Parachute?? or just a ploy of meaning.

[BaltACD]

Heard the 'true' cause of Harrison's death today

"He was off air for over 4 hours and couldn't pass a Class 1 brake test."

[BOB WITHORN]

I think, in his original request, that i read that CSX would have to pay his Heirs the full 4 years compensation even if he died but only IF he made it through the first 12 months. Looks like that got changed.

[tree68]

BaltACD

Heard the 'true' cause of Harrison's death today

"He was off air for over 4 hours and couldn't pass a Class 1 brake test."

[Electroliner 1935]

Ouch, thats so bad, its good.

[BaltACD]

Electroliner 1935

Ouch, thats so bad, its good.

Railroaders get it, posers don't.