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LITTLE ROCK (AP) - Wal-Mart Stores Inc. disclosed Friday that it has frozen millions of dollars in benefits for former vice chairman Tom Coughlin, who resigned from Wal-Mart's board amid allegations of improper spending and a possible government investigation.
According to a regulatory filing, Wal-Mart has suspended Coughlin's vesting of 186,407 shares of restricted stock, worth $9.77 million at the end of the company's last fiscal year, and 302,503 stock options exercisable within 60 days "pending further review of the information developed in the investigation" that led to his departure.
The proxy statement filed with the Securities and Exchange Commission does not specifically address whether Coughlin will receive his base salary of $1.03 million for two years, part of his retirement agreement.
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