Four More Years for Iacocca

Chrysler Corp. Chairman Lee Iacocca agreed to stay with the auto maker for at least four more years in a deal that could give him stock worth $8.5 million at the current market price, Chrysler said today.

Under the agreement, Iacocca, 62, will receive a grant of 127,500 shares of Chrysler common stock in November, 1990. If he stays with the company a year after that, he will receive an additional 42,500 shares, the board announcement said. Iacocca was in New York to announce the company’s earnings, which rose to $322.6 million in the fourth quarter of 1986, up from $215 million in 1985’s final period, but fell to $1.4 billion for the entire year, compared with $1.64 billion in 1985.