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WASHINGTON (AP) - Embattled mortgage finance company Fannie Mae recently made an unusual change to its long-term bonus plan, awarding four of its five highest-paid executives $5.2 million in restricted cash instead of stock as part of their total compensation last year, the company said in a securities filing Wednesday.
Chief Executive Dan Mudd, who was formally installed as CEO in June, received $11.5 million in total compensation for 2005 that included a cash bonus of nearly $2.6 million, an annual salary of $950,000 and another $8 million in restricted stock.
Mudd's restricted stock, and that of other executives, won't actually be issued until after the company files its next earnings update with the Securities and Exchange Commission, expected in mid-March.
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