Executives: Seagram Co. awarded Frank Biondi Jr....

Executives: Seagram Co. awarded Frank Biondi Jr. options to purchase about 1.5 million shares under his five-year contract to become the new chairman and chief executive of MCA Inc. Biondi will also receive an annual salary of $1 million and be eligible for annual cash bonuses of as much as $9 million if MCA meets certain performance targets, according to an amended proxy statement filed with the Securities and Exchange Commission. Biondi’s contract has an overall value of $76 million, according to calculations by Graef Crystal, an independent compensation consultant quoted in an article in Monday’s New York Times.