If Fuld Resigns, He Gets...

...rich.

Or richer, if you prefer.

As shares of Lehman Brothers tumble to their lowest level since 2002, plenty of critics have been calling for some of the bank's executives to hit the chopping block, most notably chief executive Dick Fuld.

Fuld has been with the Wall Street firm since 1969, the year he graduated from college, and he's weathered more than a few storms since he took its helm in 1993.

That longevity essentially guarantees Fuld a nice, fluffy cushion to land on in the event he quits, gets fired without cause, or leaves with a change in ownership.

Lehman, like many of its Wall Street brethren, has no severance or employment contracts with its top executives. But rest assured, they still manage to take good care of their executives in their Lehman after-life with equity awards based on their tenure.

According to Lehman's 2008 proxy, if Fuld had resigned on November 30, 2007, he would have been entitled to equity awards worth $241.1 million.

Of course, Fuld would have been lucky to have ended his term on November 30, 2007, when his shares would have been worth $62.63.

Today, those same shares have lost about 54 percent of their value, leaving Fuld with equity awards worth about $111 million. This figure is in addition to the $16 million in retirement benefits for which he's eligible.

Still, while it may not be $241 million, a $127 million exit package isn't likely to win much sympathy from shareholders.

by Megan Barnett