New OfficeMax Inc. (OMX) Chief Executive Ravi Saligram didn't take home much salary for the less than two months he served as president and CEO, but he more than made up for it with bonus, stock and option awards.

Saligram received $121,154 in salary for 2010, the prorated portion of his $900,000 base salary, which is $130,000 a year less than what OfficeMax paid last year to longtime Chairman and CEO Sam Duncan, who retired in early November. OfficeMax disclosed the compensation of its named executive officers in a proxy filing late Friday with the Securities and Exchange Commission.

OfficeMax also paid Saligram $250,000 as a signing bonus, plus gave him 125,000 shares of restricted stock, worth nearly $2.3 million at the end of its fiscal year but closer to $1.7 million at Friday's closing share price. Saligram also received options to purchase 975,000 shares, valued at $9.2 million, upon joining OfficeMax; his total compensation in 2010 was valued at nearly $12.1 million.

Duncan, who didn't take an annual bonus since 2005, had total compensation valued at $3.4 million, including his salary, roughly $1.5 million in non-equity incentives and more than $800,000 from the increase in value of his pension, whose present value approaches $3 million. As part of his separation from the company, about $1 million worth of stock options were vested ahead of schedule last month.

-By Maxwell Murphy, Dow Jones Newswires; 212-416-2171; maxwell.murphy@dowjones.com
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