Late Monday night it was reported by Business Insider, a right wing publication, that former House Majority Leader Eric Cantor would take a job at the investment bank Moelis & Co, which includes a $1.4 million signing bonus.
The Investment bank Moelis & Co has put in a filing with the SEC, detailing his pay package.
From the SEC filing:
Group LP has agreed to pay Mr. Cantor an annual base salary of $400,000. Group LP has also agreed to pay Mr. Cantor an initial cash amount of $400,000 and grant Mr. Cantor $1,000,000 in initial restricted stock units (“RSUs”), based on the average closing price of the Company’s common stock on the five trading days prior to his start date. The initial RSUs will generally vest in equal installments on each of the third, fourth and fifth anniversaries of his start date. For calendar year 2015, Group LP has agreed to pay Mr. Cantor minimum incentive compensation of $1,200,000 in cash and $400,000 in incentive RSUs, payable in equal quarterly installments. The incentive RSUs will generally have the same vesting schedule as incentive RSUs granted to Group LP’s other Managing Directors.
So he'll have a base salary of $400,000 for this year and next. Add in $1.4 million in signing bonuses this year, and $1.6 million in incentive compensation next year, which means Cantor is looking at a cool $3.4 million.
Reuters is also reporting that Eric Cantor will have the title of vice chairman and managing director at Moelis & Co, adding that Cantor will also be elected to its board.
Cantor, who was defeated in June by David Brat a Tea Party challenger in the Republican primary election, will provide strategic counsel to the company's corporate and institutional clients on key issues, Moelis said.
"Eric has proven himself to be a pro-business advocate and one who will enhance our boardroom discussions with CEOs and senior management as we help them navigate their most important strategic decisions," Moelis CEO Ken Moelis said in a statement.
Cantor stepped down from his leadership position in the Republican-controlled House of Representatives last month and resigned from his Virginia seat.