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July 09, 2005

The $113.7 million golden parachute

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Posted by Dominic Basulto

How much would you pay someone simply to walk away from a business? Try $113.7 million -- that's the amount of money that Morgan Stanley is planning to pay out to deposed dealmaker Philip Purcell in the Mother of All Exit Packages. Here's the breakdown:

Departure bonus: $42.7 million in cash
Restricted stock: $34.7 million
Stock options: $20.1 million
Retirement benefits: $11 million
Medical benefits: $250,000
Charitable donations in his name: $250,000 annually

Plus, Mr. Purcell is entitled to an office space that includes fully paid secretarial and administrative expenses every year for the rest of his life.

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