DENVER BUSINESS JOURNAL - Level 3 Communications CEO and President Jeff Storey is poised to get a $1.2 million bonus after the Broomfield-based telecom’s $24 billion acquisition by CenturyLink Inc. closes.
In addition to the $1.2 million bonus payout, Storey is slated to receive an accelerated stock grant worth $3 million after the transaction with Monroe, Louisiana-based CenturyLink (NYSE: CTL) closes and Storey’s tenure as CEO ends, according to a retention bonus plan approved by Level 3’s board of directors.
Storey will become one of three new board members appointed by Level 3 (NYSE: LVLT) and added to the CenturyLink board as part of the deal, which is expected to close in the fall following shareholder votes and regulatory reviews.
The companies announced reaching agreement on the deal Oct. 31. Regulators in Utah and Ohio granted the deal’s first state-level approvals Feb. 13.
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