AOL Time Warner Bonuses Announced

AOL Time Warner Chief Executive Gerald M. Levin was paid a $10-million bonus last year, largely for successfully pulling off the company’s $95-billion merger, according to financial statements filed Tuesday.

The bonus, up 11% from the previous year, was on top of Levin’s $1-million base salary. AOL Time Warner Chairman Stephen M. Case got a $1.1-million bonus on top of his $725,000 salary. Case’s bonus could have been $425,000 higher, but he asked that the money be divided among other company executives. The gap in bonuses reflected the differing compensation philosophies of the old Time Warner and America Online.

Levin exercised options worth nearly $153 million, though he sold only enough shares to pay the exercise price, make charitable donations and pay related taxes, keeping about 1 million shares. Case cashed in options worth about $71.2 million.