Calpine chief calling it quits with estimated $29.6M “success fee”

Robert May, the head of the San Jose energy company Calpine that emerged from bankruptcy in January, will be resigning, he announced Friday, the same day that the company estimated his “success fee” for his effort would be $29.6 million, according to its 10-K filing.

May must be savoring his impending return for good to his home in Florida.The company paid him $65,052 last year for temporary housing near Calpine’s headquarters downtown at 50 W. San Fernando last year, along with $53,710 for commuting between here and his home state.

May’s compensation last year included his $1.5 million salary and $2.4 million bonus, and
$316,123 worth of other compensation. And on Feb. 6 May was given 547,600 restricted shares worth $9 million, but it doesn’t appear to mean much to May who presumably will be long gone before the first half vests in 18 months, but who knows, maybe May will work his wonders on that termination agreement.


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