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Article: Calpine Corporation Enters into Employment Agreement and Stock Option Agreement with Jack Fusco.
- Article from:
- Business Wire
- Article date:
- August 12, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON & SAN JOSE, Calif. -- Calpine Corporation (NYSE:CPN) (the "Company") today announced that, in connection with the appointment of Jack A. Fusco as President and Chief Executive Officer of the Company, the Company entered into an employment agreement (the "Employment Agreement") and a stock option agreement (the "Stock Option Agreement") with Mr. Fusco, certain key provisions of which are summarized in this press release.
Under the terms of the Employment Agreement, Mr. Fusco's employment with the Company is for a five-year term, and Mr. Fusco is entitled to an annual base salary of $1,000,000 and an annual cash target performance bonus equal to 100 percent ...