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Culture

Novell CTO gets lucrative pay package

Jeffrey Jaffe stands to make at least $1.65 million in cash during his first year working at the server software company.

Jaffe
Jeffrey Jaffe,
CTO, Novell

Jeffrey Jaffe, named Novell chief technology officer in November, stands to make at least $1.65 million in cash during his first year working at the server software company, Novell disclosed in a regulatory filing Friday. Jaffe will be paid a salary of $450,000; a minimum bonus of $225,000 that could be as high as $450,000; a $300,000 signing bonus, $600,000 if he stays for a full year; and $75,000 relocation expenses to move to Waltham, Mass., where Novell is headquartered.

In addition, Jaffe got 300,000 stock options with a $7.93 exercise price--200,000 of which are dependent on meeting certain performance goals--and the right to purchase 100,000 restricted shares at 10 cents apiece. And under his severance agreement, Jaffe will get 1.5 times his salary; a prorated bonus; accelerated vesting of stock options and restricted stock; and financial help of up to a fifth his salary to get a new job.