Pay agreements for WaMu execs changed

Washington Mutual altered employment agreements with Chief Executive Officer Kerry Killinger and Chief Operating Officer Stephen Rotella governing what they'll be paid if they leave or if the lender changes hands. The new terms change the definition used to calculate termination pay and add a six-month delay under some circumstances, the Seattle-based company said in a regulatory filing Monday. WaMu also changed its agreements with Chief Financial Officer Thomas Casey, James Corcoran, president of the retail bank, and all other executive officers giving them "certain payments and benefits" if the lender is sold. WaMu shares have dropped 70 percent in the past 12 months, giving it a market value of $11.7 billion.

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