In April, he had cashed out restricted shares at $36.45.

For their work last year, each committee member received $40,000 in cash plus $1,500 a meeting, $25,000 worth of restricted shares and 5,000 stock options.

The rest was in options and restricted shares of Lehman stock, whose value the company's executives could only estimate.

The board also accelerated the vesting of some restricted shares.

Even before the 550,000-share grant, he owned 1.55 million restricted shares that would vest from 2007 to 2014.

On Jan. 23, with the stock at $26.125, the restricted shares that had been under a lockup became free to trade.

Both the $5 in stock and the $35 cash dividend would also be paid on all of the restricted shares.

At many companies, restricted shares also offer a steady dividend stream.

Typically, an executive must remain employed to claim restricted shares.

In 1994 he received an award for restricted shares worth $3.9 million.