Such a deal!

October 19, 2004

The CEO of TigerDirect, an online computer store that bills itself as having the best deals anywhere, has managed to score a pretty nice deal for himself from parent company Systemax (SYX) . Gilbert Fiorentino, who started the company in 1988 and sold it to Systemax in 1996, recently signed a 10-year contract to continue serving as CEO. While a 10 year contract may be normal for a 19 year-old baseball star entering the Major Leagues, it’s still pretty rare when it comes to CEOs, and even rarer for CEOs of technology companies, given how fast things change in the industry. Under the contract, Fiorentino, who’s also a Systemax director, will be paid more than the other top five execs and receive a guaranteed bonus of $250K — more than three times the bonus that the other top execs received last year. But that’s really just the beginning: He also received accelerated vesting on older stock options and will receive 166,000 new options during each of the next three years. And then there’s the 1 million restricted shares. And if Fiorentino, who is based in Miami, is required to relocate to Systemax’s headquarters in Long Island, the company will even cover the costs of sending his kids to private school and maintaining his boat.

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