The Wall Street Journal-20080214-Countrywide CEO to Get --36-10 Million

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Countrywide CEO to Get $10 Million

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Countrywide Financial Corp. said Chief Executive Angelo Mozilo is eligible in April to receive stock awards valued at $10 million under his employment agreement.

According to a filing with the Securities and Exchange Commission, the awards will consist of performance-based restricted stock units and stock-appreciation rights that will vest upon a change in control at Countrywide.

Mr. Mozilo has faced intense criticism over the subprime-mortgage meltdown and potential severance payments he could get upon closing the company's $4 billion merger with Bank of America Corp. In January, he agreed to give up a $37.5 million severance package.

According to Wednesday's filing, Countrywide Chief Operating Officer David Sambol is eligible for a $1.9 million retention payment in connection with the merger. He was recently awarded restricted stock valued at $2.6 million, the filing said.

A Countrywide spokesman wasn't available to comment.