Former House Majority Leader Eric Cantor's primary ouster from politics earlier this year caught everyone and Cantor by surprise. Cantor accepted the defeat by making a quick quiet departure from the high octane charged political theater of Washington.
It didn't take long for Cantor to get a new gig. And the new gig pays way better than his old one and comes with no public challenges. Cantor is reported to have accepted a job with the investment bank Moelis.
Here are the details.
Group LP has agreed to pay Mr. Cantor an annual base salary of $400,000. Group LP has also agreed to pay Mr. Cantor an initial cash amount of $400,000 and grant Mr. Cantor $1,000,000 in initial restricted stock units (“RSUs”), based on the average closing price of the Company’s common stock on the five trading days prior to his start date. The initial RSUs will generally vest in equal installments on each of the third, fourth and fifth anniversaries of his start date. For calendar year 2015, Group LP has agreed to pay Mr. Cantor minimum incentive compensation of $1,200,000 in cash and $400,000 in incentive RSUs, payable in equal quarterly installments. The incentive RSUs will generally have the same vesting schedule as incentive RSUs granted to Group LP’s other Managing Directors. [SOURCE]
All summed up Cantor will rake in a cool 3.4 million at his new private industry gig.