ProLogis CEO Rakowich Earns $5.7 Million In 2008

Rakowich was also awarded stock and option awards valued by the company at about $4.6 million when they were granted.

Other compensation totaled about $47,000, including legal expenses to draft an employment agreement and home office costs in addition to a 401(k) company match and insurance costs.

The AP's total pay calculations include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.

Schwartz earned a salary of about $988,000 in 2008, up 26.5 percent from the year before.

His bonus of $1.6 million was part of a separation agreement with the company, but still 14.5 percent lower than the bonus he received in 2007.

The separation agreement entered on March 14, 2008, also allowed payment of $83,333 for the paid leave of absence, and other severance benefits totaling $13.5 million. They included a $7.5 million performance bonus and a $6 million separation payment.