BofA Opens Vault to Keep Sambol as COO

Bank of America(BAC Quote) is shelling out big bucks to keep Countrywide Financial(CFC Quote) COO David Sambol on the payroll after the proposed merger between the two companies.

Sambol, who has been asked to stay on as head of the consumer mortgage operations of the combined companies, will get $20 million payable in two installments on the first and second anniversaries of the merger close date, according to the document filed with the Securities and Exchange Commission. He also will receive $8 million in restricted stock payable on the first, second and third, anniversaries of the merger deal, the filing said.

The new agreement replaces the previous cash payments Sambol was receiving. When the merger is completed he will report to Bruce Hammonds, president of BofA card services. ...