Molson's long stock market run made Mr. O'Neill a Bay St. favourite and a rich man. As of last fall, Mr. O'Neill had collected $14-million in salary and bonus for his years at Molson along with $13.9-million from exercising stock options plus $34-million worth of unexercised stock options prior to the February merger with Adolph Coors Co.
The bulk of those options, worth $32.6-million, were converted into Molson Coors shares with the merger, which also allowed him to qualify for $8.16-million in dividends.
In a regulatory filing, Molson Coors said Mr. O'Neill will receive a $2.8-million bonus upon board acceptance of his cost-cutting plan, another 800,000 options worth $1.35-million will vest and he will receive payments worth $3-million over 36 months.
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