Ex-Merrill CEO pay, benefits worth $161.5 mln

NEW YORK (Reuters) - Merrill Lynch & Co Inc MER.N said on Tuesday the value of former chief executive Stan O'Neal's retained stock awards and benefits are worth $161.5 million, accumulated over 21 years of service.

O'Neal, ousted on Tuesday, will not receive a severance package, but the company will provide him an office and an executive assistant for up to three years, Merrill said.

The breakdown of O'Neal's holdings include $131.4 million for unvested restricted stock and restricted stock units and the in-the-money value of unexercised stock options. There is also $24.7 million for the value of an annuity agreement, 401(k) balances and a retirement plan. His deferred compensation is worth $5.4 million.

The unvested restricted stock and restricted stock units will continue to vest in accordance with their original schedules, and the in-the-money unexercised stock options will continue to be outstanding after retirement, subject to compliance with covenants, Merrill said.