The Pantry's new CEO, Dennis G. Hatchell, will receive an initial starting salary of $750,000 and shares of restricted stock that is currently worth $436,000.
The Cary-based convenience store chain detailed Hatchell's pay package in a regulatory filing this week.
Hatchell will also receive shares of performance-based restricted stock and a signing bonus of $46,100. For fiscal year 2012, he will receive a cash bonus equal to either $475,500 or the amount he would receive under the company's bonus plan for senior executives if that number is greater.
Hatchell will receive a $3,000 a month living allowance for two months and will be paid $150,000 when he purchases a residence in Cary. He'll also receive up to $25,000 for legal expenses related to the negotiation of the agreement.
Hatchell, 62, starts his new job March 5.