Peabody Energy Chief Executive Glenn Kellow forfeited $8 million worth of stock in the company's bankruptcy, but Peabody more than made up for it with a $15 million stock award when it emerged from Chapter 11 last April.
The stock award brought Kellow's total pay for 2017 to $20.6 million, Peabody disclosed Wednesday in the proxy statement for its annual shareholder meeting.
Even better for Kellow, the shares he got in April were worth $26.8 million by year's end. Peabody's share price rose 79 percent above the value used in its reorganization plan, the company notes. It also rose 27 percent above where it began trading in April.
The stock is a time-based award; Kellow can claim all of it if he remains at Peabody for three years.
Kellow also received a salary of $1.02 million and two bonuses: $1.9 million tied to Peabody's financial performance after bankruptcy and $2.6 million covering its time in bankruptcy. The latter was part of an plan that incentivized executives to expedite Peabody's emergence from Chapter 11.
The performance bonus was paid at 167 percent of Kellow's target amount and the bankruptcy-period bonus at 150 percent of target.
Kellow earned 173 times as much as the median Peabody employee, the company reveals in a new disclosure that is mandatory for all public companies. Peabody's 7,148 employees in the United States and Australia earned a median $118,812 last year.
Kellow's golden parachute, the amount he could collect if he leaves the company after a takeover, is valued at $33.8 million. That includes $7 million in severance and other cash payments, plus his $26.8 million in stock.