Money for nothing: Sandy Adam still gets $35,000 a month

Sandy Adam, who stepped down as president and chief executive officer of Algoma Steel last August, continues to receive $35,417 a month under an agreement negotiated with the company last May.

Under the settlement, the monthly salary payments to Adam (shown) will continue until May 1, 2004, the company says in a circular to shareholders.

The circular also discloses that on the day following his retirement, Adam was given 25,763 ASI common shares valued at $125,000, subject to a four-month hold period.

Other disclosures of interest:

- Hap Stephen received more than $1.5 million for eight months of work as Algoma Steel's chief restructuring officer. The payouts to Stephen included an initial fee of $65,000, plus $65,000 a month and a success fee of $1 million paid on March 20 of last year.

- Last June, ASI signed new employment agreements with vice presidents Steve Boniferro, Paul Finley, Glen Manchester and Armando Plastino. Under the agreements, any of the four who are terminated without cause must receive two year's salary.

- In 2002, Sandy Adam received $425,000 in salary. Manchester received $218,477. Finley got $205,331. Bonifero and Plastino received $193,207 and $187,454 respectively.

- Last year, Manchester got an additional $49,709 in bonuses and other compensation. Finley received $48,008. Bonifero and Plastino each got $2,846.

- Denis Turcotte, who started as president and chief executive officer on September 16, receives annual salary of $467,000, less reductions applied to employee wages under ASI's restructuring plan. Turcotte also gets a $1,000-a-month car allowance.

- The day he started work for ASI, Turcotte got 20,610 shares worth $100,000, subject to a one-year hold.

- On June 30 of this year, Turcotte will be given a $30,000 cash bonus. Next January, he'll receive $125,000 in company stock subject to a 12-month hold.

- In recognition of rights that Turcotte forfeited with his previous employer, he'll also particpate in ASI's incentive plan for senior management. The nature of this incentive has yet to be determined.