fw another mention afternoon meeting employees company core natural gas electricity trading operation provides far biggest part enron profits quite bit concern raised news people seeing change control payment mark palmer enron spokesman said 4 p central time two senior executives attended meeting john lavorato louise kitchen told mr lay reaction employees ken made decision shortly thereafter best thing would waive payment altogether mr palmer said even dynegy directors later voted award mr lay new severance agreement would turn mr palmer added original message armstrong julie sent wednesday november 14 2001 9 22 lohman tk subject see traders 11 14 2001 wall street journal 3 copyright c 2001 dow jones company inc enron corp said chairman kenneth lay decided forgo severance payment 60 6 million could triggered dynegy inc planned acquisition enron mr lay decision capped day appears changed mind matter least twice early day enron filing securities exchange commission laid mr lay severance package midday enron indicated mr lay would keep one third payout would take stock combined company intended donate one third foundation help displaced enron employees remaining third would cover income tax liabilities end day enron spokesman mark palmer said mr lay following meeting enron energy traders decided taking severance pay though mr lay attend traders meeting senior managers told opinions expressed receive payment mr palmer said decided cleanest thing waive payment opinions traders carry particular weight produce enron profits questions mr lay directed mr palmer said spoken mr lay company officials day initial disclosure mr lay hefty severance payment raised new questions willingness sell enron share price third market price month ago last friday mr lay even said enron options dynegy purchase might allowed energy company remain independent though declined elaborate things desperate alternatives mr lay said 59 year old mr lay executive position combined company though might director 12 months ended aug 31 mr lay received 70 million exercise enron options according disclosure reports compiled thomson financial last year mr lay paid 8 3 million salary bonus 10 million stock awards compensation enron nation largest energy trader saw stock collapse recent weeks following series disclosures company extensive dealings partnerships run officers dealings investigation sec last friday enron agreed acquired far smaller houston based dynegy stock currently valued 10 7 billion merger agreement still must approved regulators shareholders two companies separately california public employees retirement system owns three million enron 500 000 dynegy shares said would oppose appointment current enron board member board combined company michael flaherman chair calpers investment committee said appeared enron board failed responsibility monitor activities enron executives mr palmer enron spokesman said mr lay provisions employment contract protect sudden change control 1989 forward february 2000 enron stock trading 60 70 share mr lay widely lauded performance negotiated bigger severance package previously last august chief executive jeffrey skilling quit unexpectedly mr lay assumed mr skilling duties contract term extended two years dec 31 2005 terms contract mr lay entitled payment 20 2 million every full calendar year left employment contract event employment terminates within 60 days change control thus mr lay entitled three full years payments 60 6 million mr lay took charge houston natural gas co 1984 regional pipeline company member family benefit enron heady rise global energy giant sec filings show recent years sister mr lay sharon lay son mark lay received millions dollars salary commissions bonuses related ms lay travel agency paper products company connected younger mr lay mr palmer said cheap shot criticize lay family pertinent transactions reported several annual proxy statements contracts bid fairly awarded mr palmer said ms lay said travel agency president half owner enron business competitive bidding providing best service possible mark lay reached comment coming top disclosures enron dealings partnerships run executives relationships lay family members company raise questions enron willingness keep separate corporate personal interests former chief financial officer andrew fastow possibly enron executives made millions dollars partnerships mark lay dealings enron date back 1994 according available sec filings may 1997 mark lay certain individuals together officers directors shareholders company called paper print management corp ppmc entered employment agreements enron unit enron capital trade resources according enron 1998 proxy statement individuals helped set clearinghouse purchase sale finished paper products according sec filing mr palmer said effort formed rudiments enron profitable paper pulp trading business part deal enron agreed reimburse ppmc 1 million certain expenses mark lay colleagues also agreed convey enron certain intangible property rights ppmc mark lay also got three year employment contract enron vice president enron capital trade got signing bonus 100 000 minimum monthly salary 12 500 minimum annual bonus 100 000 1997 1999 option purchase 20 000 enron shares mark lay longer enron attending seminary said mr palmer since 1985 sharon lay firm lay wittenberg travel agency park inc provided travel arrangements employees enron predecessor company work agency received 6 8 million 1996 2000 interview yesterday ms lay said enron accounted half firm revenue years said brother position problem asset since led assume worked hard enough get enron business