Arch Coal paid Chief Executive John Eaves $9.2 million last year, including $1.5 million in stock issued as part of a retention plan.
Eaves' pay was down 6 percent from his 2017 total of $9.8 million, which included a $1.1 million retention bonus.
Arch's filed March 18, says its board decided in October to again hand out one-time bonuses "to facilitate the retention of these executives and in execution of the company's long-term succession plan." In addition to the stock, Eaves' retention package included $750,000 in cash, which will be paid in 2019, 2020 and 2021.
Eaves' salary of $1.03 million has been flat since 2015. Last year's pay included an annual performance bonus of $1.8 million, which was 163 percent of his target amount, and a separate bonus of $1.08 million based on environmental and safety measures.
His stock grants totaled $5.2 million, including the retention award. Of that, $2 million depends on Arch's stock price performance between 2018 and 2020.
Eaves earned 89 times as much as the median Arch employee last year, down from a pay ratio of 101 the year before. Arch calculated that its median worker earned $103,884.
Eaves' golden parachute entitles him to $11.9 million if he leaves Arch after a takeover. In addition, a takeover would trigger immediate vesting of $12.8 million in restricted stock awards.
Arch's earnings per share, before extraordinary items, declined 36 percent last year and its share price fell 11 percent.
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John Eaves, executive vice president and chief operating officer of Arch Coal, Inc. is pictured in this undated company photo. Source: Arch Coal, Inc./via Bloomberg News