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Carlyle To Pay Mike Cavanagh $7 Mln A Year

Asset management firm Carlyle Group LP (CG) Friday said in a filing with the U.S. Securities and Exchange Commission it will pay Mike Cavanagh $7 million in salary, bonuses and stock grants for three years as co-president of the firm.

Cavanagh will receive an annual base salary of $275 thousand, a guaranteed minimum bonus of $2.725 million and a signing bonus of $2 million per year. In addition, he will get a stock grant to the tune of $2 million, which will vest over five years. Carlyle also expects to grant Cavanagh 933,416 deferred restricted common units, which will vest over three years, as a make-whole in consideration for equity interests or other compensatory amounts that Mr. Cavanagh will forfeit upon departure from his current employer.

Commencing in 2014, Cavanagh, together with Youngkin and Adena Friedman, is to participate in a new Key Executive Incentive Program aimed at providing an incentive for key executives to align their economic interests with those of the company's fund investors and common shareholders, as well as with the company's performance.

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