EXECUTIVES: The Golden Handcuffs

Mrs. Adeline M. de Neufville, of West Hartford, Conn., was startled by the proxy statement from Security Pacific Corp., a West Coast bank holding company in which she and her broker husband own a few hundred shares. The statement seemed to say that over the next ten years company officers proposed to give themselves Security Pacific shares worth nearly $16 million at current prices, and the men who got the shares would not have to pay a cent. After her husband Lawrence assured her that that really was what the proxy statement...

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