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Thrift/mortgage bank

IndyMac Bancorp


said Friday that it signed a five-year contract, including options for five additional years, with Michael W. Perry, chairman and chief executive.

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Perry's new contract is structured as a pay-for-performance arrangement where incentive compensation is targeted as a percentage of net income and is earned based on Indymac achieving certain EPS growth targets, the Pasadena, Calif.-based company said.

It said that if earnings per share rises less than 5% next year, Perry's 2007 compensation will be $1.25 million. If it rises 15%, his pay would be $7.41 million. An increase of 17% or more would result in compensation of $8.94 million.

The shares of the company were trading at $40.10, down 7 cents Friday.

This story was created through a joint venture between and IRIS.