Outgoing ProLogis chief executive Jeffrey Schwartz will receive at least $15.1 million in severance payments upon resigning after the company he guided lost more than 90 percent of its market value.
Schwartz is entitled to two times his salary and two times his bonus, according to a revised employment contract signed in March. That contract bumped up his base salary to $1 million and his annual bonus to $2 million. He is also eligible for $7.5 million in equity-based awards, which will be paid out in cash instead of stock, according to a filing the company made Friday. Schwartz also gets $1.6 million of a $2 million bonus due him this year and can still exercise his vested stock options if they ever get above their strike price.
ProLogis said in the filing it would cut its dividend next year to $1 a share from $2.28.
