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Sleeping easily…

Even by Manhattan’s overhyped rental market, $12,000 a month still gets you one hell of a nice apartment. A quick scan of online rental listings shows that you can get a large 3-bedroom, 3-bath apartment for that kind of money, which is exactly what investors in Take Two Interactive (TTWO) will be shelling out to make sure COO Gary Lewis has a good night’s sleep. Lewis’ employment contract in the recent Q notes that the company will pay up to $12,000 a month, which the company describes as “a resonable housing allowance”, during the initial term of Lewis’ contract. Now one might think that someone who was making $600,000 a year, received a $500,000 signing bonus, will receive a performance bonus of $600,000 at the end of next month and a nice chunk of stock options, might be able to cover his own monthly rent. Wrong! In addition, Lewis, who first joined the company in 1997, and was promoted to COO in April, will get business class airfare for him and his family three times a year to Europe, $50,000 in moving expenses (not including the cost of a relocation professional) and five weeks of vacation. The promotion makes Lewis the third Take Two exec who will be making more than $600K a year. Compare that to Microsoft (MSFT) , a slightly larger company. According to the company’s recent proxy, none of its top five execs make more than $600K a year.