Progress Energy CEO Bill Johnson, who will become CEO of the combined utility when Duke Energy buys Progress, will make a base annual salary of $1.1 million.
He also will be eligible for bonuses worth up to $6.7 million, and various other perks under Duke's compensation policy, including use of the corporate aircraft. The companies disclosed some details of Johnson's three-year employment agreement in a filing with the Securities and Exchange Commission today.
Johnson, 57, also will be reimbursed for expenses related to his relocation to Charlotte. The combined company will be based in Charlotte, but keep some operations in Raleigh.
The deal, announced Monday, is expected to be completed by later this year, but will need to win approvals from shareholders and regulators.
Duke Energy CEO Jim Rogers, who will become chairman of the combined company, will keep his existing compensation terms through Dec. 31, 2013, the companies wrote.