The $74 Million Award That Jarden’s Board Values at Zero

Jarden Corp.’s Executive Chairman Martin Franklin is poised to become one of the highest-paid U.S. executives for 2014 thanks to a $74 million performance award that the consumer-brands company granted him last year and recorded as having no value.

The grant includes 1.8 million restricted shares that are deemed “improbable” to vest in full because the underlying performance criteria -- annual net sales of $10.5 billion and adjusted earnings-per-share of $4 by Dec. 31, 2018 -- are unlikely to be achieved, the board’s compensation committee wrote in a March 30 preliminary proxy filing.